China-based pharmaceutical company Tianyin (AMEX:TPI) has received approval from China's Food and Drug Administration for its anti-diabetic drug Gliclazide, and expects to launch the drug by July of this year.
The news sent the company's shares up by more than 18% on Friday, to trade at $2.67 as of 9:59am EST.
The oral drug, which stimulates insulin secretion, has been marketed as Glyloc and Reclide in India, and as Diamicron in Canada. It is used when diabetes cannot be managed by proper dietary adjustment and exercise, or when not suitable for insulin therapy.
Diabetes is one of the most common diseases in the world, and is a group of metabolic disorders that results from defects in the production or action of insulin, used in the body to stabilize blood sugar levels. The World Health Organization (WHO) approximates that there are 220 million people living with Diabetes worldwide.
The disease is becoming more prevalent in China; in 2010, about 95 million cases of diabetes were reported in the country. Of that number, 52 million and 43 million were found in rural and urban areas, respectively. And by 2020, it is estimated that the number of cases will increase to 117 million.
Obesity and an aging population are the few driving forces propelling Type 2 diabetes forward in that country, a type of diabetes that is associated with obesity, heart disease, and a number of other risk factors.
Diabetes is characterized by high blood sugar levels, which cause the classical symptoms of frequent urination, increased thirst and hunger.
Tianyin Pharmaceutical currently manufactures a portfolio of 56 products, 7 of which are included in China's essential drug list.
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