Karnataka-based pharmaceuticals company Shilpa Medicare Ltd has received the certificate of Suitability (COS) of Monographs of the European Directorate for the Quality of Medicines (EDQM) to sell its cancer drug ‘Oxaliplatin EP’ in the European market.

The active pharmaceutical ingredient (API) Oxaliplatin EP is used for the treating colon and rectal cancer after prior treatment with fluoropyrimidines in mono-chemotherapy or any other linked treatment.

Shilpa Medicare was the first Indian company and fifth in the world to receive a COS from EDQM for Oxaliplatin EP.

During 2006, the worldwide sales for Oxaliplatin valued to US$ 1.9 billion. The annual growth rate of the drug stood at 28 percent.

Recently, Shilpa Medicare has also received authorization from South Korea FDA for ambroxol HCL and gemcitabine HCL The company has already registered EDMF for Gemcitabine HCL in 27 European countries.

The shares of the company, on Friday, ended the week at Rs 72.10 after losing 3.0% on the Bombay Stock Exchange (BSE).