Modavar Pharmaceuticals Launches Celecoxib Capsules

Washington, D.C., May 12, 2022 – Modavar Pharmaceuticals announced today that it has launched Celecoxib Capsules.  The launch of the four strengths of Celecoxib (50mg, 100mg, 200mg and 400mg) adds to the growing line of products in the Modavar portfolio.  The product is available immediately and is AB-rated to Pfizer’s Celebrex®.  Total market sales for this product are approximately $79.6 million (IMS MAT 2/2022).  Celebrex® is indicated for the management of Osteoarthritis (OA), Rheumatoid Arthritis (RA), Juvenile Rheumatoid Arthritis (JRA), Ankylosing Spondylitis (AS), Acute Pain and Primary Dysmenorrhea.

Celebrex® belongs to a class of drugs known as nonsteroidal anti-inflammatory drugs (NSAIDs) which are believed to block the production of certain body chemicals that cause inflammation.  Arthritis is the swelling and tenderness of one or more joints.  The main symptoms of arthritis are joint pain and stiffness, which typically worsen with age.  The most common types of arthritis are OA and RA.  Arthritis has a profound economic, personal and societal impact in the United States.  In 2013, the total national arthritis attributable medical care costs and earnings losses among adults with arthritis were $303.5 billion or 1% of the 2013 US Gross Domestic Product (GDP). According to the CDC, 20.9% of adults aged 18 and over have been diagnosed with arthritis.  Arthritis is a leading cause of disability among U.S. adults.

Jaswinder (Manji) Matharu, Chairman, stated, “Modavar’s line of products continues to grow with the introduction of Celecoxib Capsules.  We are pleased to be able to offer a full line of this important product to our customers and patients.”

About Modavar Pharmaceuticals

Modavar Pharmaceuticals is an emerging vertically integrated specialty pharmaceutical company that develops, manufactures, and markets generic prescription pharmaceutical products.    In collaboration with Cadila Pharmaceuticals Limited,  Modavar has a strong pipeline of products, and plans to manufacture ANDA and 505(b)(2) products in its Frederick, Maryland plant as well.

For further information about Modavar Pharmaceuticals, please visit the Company’s corporate website at www.modavar.com.

Safe Harbor

The information in this release may contain various forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (“PSLRA”) and which may be based on or include assumptions concerning Modavar’s operations, future results, and prospects.  Such statements may be identified using words like “plans”, “expect”, “aim”, “believe”, “projects”, “anticipate”, “commit”, “intend”, “estimate”, “will”, “should”, “could” and other expressions that indicate future events and trends.

All statements that address expectations or projections about the future, including without limitation, statements about the Company’s strategy for growth, product development, regulatory approvals, market position, acquisitions, revenues, expenditures, and other financial results, are forward-looking statements.

All forward-looking statements are based on current expectations and are subject to risk and uncertainties.  In connection with the “safe harbor” provisions, Modavar provides the following cautionary statements identifying important economic, political and technology factors which, among others, could cause actual results or events to differ materially from those set forth or implied by the forward-looking statements and related assumptions.

Such factors include (but are not limited to) the following:  (1) changes in the current and future business environment, including interest rates and capital and consumer spending; (2) the difficulty of predicting FDA approvals, including timing, and that any period of exclusivity may not be realized; (3) acceptance and demand for new pharmaceutical products; (4) the impact of competitive products and pricing, including as a result of so-called authorized-generic drugs; (5) new product development and launch, including the possibility that any product launch may be delayed or that product acceptance may be less than anticipated; (6) reliance on key strategic alliances; (7) the availability of raw materials; (8) the regulatory environment, including regulatory agency and judicial actions and changes in applicable law or regulations; (9) fluctuations in operating results; (10) the difficulty of predicting international regulatory approval, including  timing; (11)  the difficulty of predicting the pattern of inventory movements by the Company’s customers; (12) the impact of competitive response to the Company’s sales, marketing and strategic efforts; (13) risks that the Company may not ultimately prevail in litigation; and (14) the risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

This discussion is by no means exhaustive but is designed to highlight important factors that may impact the Company’s outlook.  We are under no obligation to update any of the forward-looking statements after the date of this report.