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Hi-Tech Pharmacal (HITK) Licenses Rights to Lidocaine 5% Ointment


4/26/2012 11:06:28 AM

AMITYVILLE, N.Y.--(BUSINESS WIRE)--Hi-Tech Pharmacal Co., Inc. (NASDAQ:HITK) announced today the signing of a definitive agreement under which Hi-Tech acquired rights to market generic Lidocaine 5% Ointment from Septodont, Inc. Lidocaine 5% Ointment is indicated for use as a local anesthetic. Profits from the sale of the product will be shared with Septodont. Lidocaine 5% Ointment had sales of $25 million for the 12 month period ended February 2012 according to IMS data. Hi-Tech is in the process of launching this product.

Read at BioSpace.com

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