To: Ga Bard who wrote (6062 ) 6/3/1999 2:20:00 AM From: Ga Bard Respond to of 9440
(OTC : CARA - news) Caraco Sales Momentum Expected to Continue Company Awaits FDA Approval of Four Drugs DETROIT, June 2 /PRNewswire/ -- Caraco Pharmaceutical Laboratories, Ltd. (OTC Bulletin Board: CARA - news) sales are expected to maintain their strong momentum for the year, Narendra N. Borkar, Chief Executive Officer, told shareholders at the Company's annual meeting here today. The Company's sales rose 205% to $2.7 million last year, and jumped 63% to $879,446 for the first quarter of 1999. The first quarter also marked the Company's fifth consecutive quarterly sales rise and third consecutive quarterly gross profit. Mr. Borkar noted the Company has 25 generic drugs under active development, including four pending FDA approval. The Company's Detroit R&D department comprises 12 pharmaceutical researchers, and another 26 researchers are working to develop Caraco products at a Sun Pharmaceutical Industries R&D Center in Bombay, India. Sun owns 39.8% of Caraco's outstanding common stock. Shareholders re-elected two directors -- David W. Adamany, Ph.D., 62, and David A. Hagelstein, 57 -- to three-year terms. Dr. Adamany was President of Wayne State University and now serves as interim CEO of Detroit Public Schools. Mr. Hagelstein manages his real estate and business investments and is a consultant to several pharmaceutical and medical companies. The other directors are Dilip S. Shanghvi, 43, and Sudhir Valia, 42, both of Bombay, India, and both affiliated with Sun Pharmaceutical Industries; Narendra N. Borkar, 58, Caraco's CEO; Phyllis Harrison-Ross, M.D., 62, a practicing community mental health professional; and Jay F. Joliat, 42, who is Chairman, President and CEO of Joliat & Company, a private investment firm, and Chairman, CEO and Treasurer of Sign of the Beefcarver Restaurants, Inc., and CEO of Bad Frog International, the franchise company for Bad Frog Taverns. Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures and distributes generic and private-label prescription drugs to the nation's largest wholesalers and distributors, drugstore chains and healthcare systems.