Shares of Sunshine Biopharma, Inc. (SBFM) jumped over 20% on Friday morning after the company announced that its wholly-owned Canadian subsidiary, Nora Pharma Inc., has launched a new generic prescription drug.
SBFM is currently trading at $2.5450, up $0.4250 or 20.0917%, on the Nasdaq. The stock opened its trading at $2.3100 after closing Thursday at $2.1200. The stock has traded between $2.1060 and $638.0000 in the past 52-week period.
The newly launched drug is Ursodiol, a generic version of URSO DS. Ursodiol, also known as ursodeoxycholic acid (UDCA), is indicated for the management of cholestatic liver diseases, including primary biliary cirrhosis (PBC). Ursodiol is also used to (i) dissolve gallstones in people who do not want surgery or cannot have surgery to remove gallstones, or (ii) prevent the formation of gallstones in overweight people engaged in a rapid weight loss program.
Nora Pharma's Ursodiol is available for the Canadian market in 250 mg and 500 mg tablets.
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