Teligent, Inc. (NASDAQ: TLGT) shares popped Thursday, following the approval by the U.S. Food and Drug Administration of abbreviated new drug application for Diflorasone Diacetate Ointment 0.05%.
The company, based in Buena, New Jersey, proudly acknowledged its fifth approval for 2018, and its 24th approval from its internally-developed pipeline of topical generic pharmaceutical medicines.
Based on recent IQVIA data from April 2018, the total addressable market for this product is approximately $14.1 million.
Said CEO Jason Grenfell-Gardner, “Diflorasone Diacetate Ointment 0.05% is Teligent’s fifth FDA approval in 2018. This is another important approval for Teligent as we continue to drive growth in 2018 and beyond. We are planning to launch this product in the third quarter of 2018.”
Grenfell-Gardner continued, “We now have 29 topical generic pharmaceutical products in the U.S. portfolio, in addition to our four U.S. injectable products.”
Earlier this month, Teligent entered into a Credit Agreement with certain funds managed by Highbridge Capital Management, LLC. Pursuant to the Credit Agreement, the lenders provided Teligent with a new senior-secured term loan credit facility in the principal amount of $25 million with a maturity date of June 1, 2021.
Teligent drew $15 million of the facility on the closing date, with the remaining $10 million available within 45 days of the closing date.
Teligent is a specialty generic pharmaceutical company, who claims its mission is to be a leading player in the specialty generic prescription drug market.
TLGT shares skyrocketed 55 cents, or 16.8%, to $3.82 mid-morning Thursday.
