India's Orchid Chemicals & Pharmaceuticals Ltd has announced that it has received approval from the US FDA for its abbreviated new drug application (ANDA) for Cefpodoxime Proxetil Tabs, in quantities of 100 mg and 200 mg.

Cefpodoxime Proxetil is a 3rd generation cephalosporin antibiotic which has a broad spectrum activity against organisms causing infectious diseases.

With limited generic competition in this product, the Company hopes to garner a sizeable market share and revenues in the US market.

Chennai based Orchid Chemicals & Pharmaceuticals Ltd reported a 2.15 times jump in net profit at Rs 632.73 million for the quarter ended Sep. 30, 2007 as compared with Rs 294.51 million for the same quarter, previous year.

The stock closed today at Rs. 237.45, up by 4.26% from the previous close of Rs. 227.75. It touches intraday high of Rs. 240.90 and low of Rs. 225.00.