Vanc Pharmaceuticals receives Health Canada Class-III approval for ferrous fumarate products.
Vanc Pharmaceuticals Inc., a pharmaceutical company focused on the Canadian generic drug and over-the-counter markets, announces that it has received Health Canada Class-III approval of ferrous fumarate tablets and capsules for use in iron deficiency anemia.
In addition to the recent Class-III approval for its flagship heme iron product Hema-Fer, Vanc has now received updated Class-III approval for both ferrous fumarate tablets (NPN 80079607) and capsules (NPN 80079773). With this approval, Vanc will now be introducing these products into both prescription and OTC markets.
“Ferrous fumarate is widely used as both a prescription and over-the-counter product and comprises over 23 percent of the growing iron supplement market in Canada,” says Bob Rai, CEO. “This product is a valuable addition to our portfolio, and will generate revenue through both our generic and premium OTC verticals.”
The Canadian iron supplement market was valued at $46 million dollars in 2016 alone, of which ferrous fumarate comprised $10.7 million in various dosage forms (IMS-Health 2016). The product was previously branded as Hb-Plus, and will be undergoing a name change prior to anticipated launch in the first half of 2018. Ferrous fumarate products are covered benefits in provincial, federal, and private insurance plans and Vanc has begun the necessary processes to list these products.
Vanc also announces that it will not be proceeding with the 2nd tranche closing of the non-brokered private placement announced July 20, 2017. The company plans to secure additional financing in due course.