PET drugs company Animalcare has been granted approval for a new drug due to be launched later this year.
The York-based company has not divulged any details about the new medicine apart from its codename “Project Quattro”.
The drug has received marketing authorisation from the Veterinary Medicines Directorate.
Marketing authorisation is a pre-requisite for placing a new veterinary medicinal product on the market, after routine approvals for product packaging, allowing Animalcare to make final preparations for a full commercial launch.
Animalcare said that for commercial reasons, the full details of “Project Quattro” would not be given until the launch.
First sales are expected to take place by the end of the company’s current financial year at the end of June.
Animalcare’s chief executive Stephen Wildridge said: “The continued growth of our licensed veterinary medicines portfolio is an important aspect of our growth strategy.
“The trading in our core business is driven by new product introductions through the year and the news that the development of Project Quattro is advancing as planned is further testament to the delivery of our strategy.”
Last month the group reported a 21 per cent fall in half year profits, but said it would soon overcome the temporary supply problems that have hit one of its key products, pain relief drug Buprecare.
The company said the supply issues knocked £320,000 off half year revenues, but said the supply chain would be up and running again by this summer.
The group has also had to cope with a 15 per cent fall in revenues at its pet microchip identification business as owners have tried to save money during the downturn. Sales are down as some people are choosing not to replace pets during the economic downturn.