Acme's muscle relaxant tablet 'Chlorzoxazone 500' gets US FDA approval

The Acme Laboratories Limited has got US Food and Drug Administration (US FDA) approval for its centrally acting muscle relaxant tablet "Chlorzoxazone 500 mg", according to a regulatory disclosure by the company.

The company last week informed its shareholders that the tablet manufactured in its Solid Dosage Unit two was submitted to the US FDA and it obtained the prestigious accreditation from the world's most stringent drug authority.

The approval would enable the company to export the said product to the US market.

Over the first nine months of the fiscal year, Acme Laboratories has had an earnings per share of Tk7.98, up from Tk7.55 during the same period of the previous fiscal year.

At the end of March, net asset value per share of the company stood at Tk107.48.

The announcement of US FDA approval for its first drug, however, did not help the Acme shares take off from the floor price on the Dhaka Stock Exchange (DSE).

Acme shares having a face value of Tk10 apiece were stuck at Tk85 for more than four months.

Based on the latest quarterly earnings the price to earnings ratio of Acme shares stood at 7.99 on Thursday, which was the lowest among all the pharmaceutical stocks.

Acme shareholders got Tk3 in cash dividends against each share for the 2021-22 fiscal year.