Taro 2002 News Archive

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4/9/2002

Taro Receives Approval for Ketoderm^TMCream in Canada

First Equivalent to Nizoral® Cream Extends Taro’s Line of Topical Dermatological Prescription Products

Hawthorne, NY, April 9, 2002 – Taro Pharmaceutical Industries Ltd. (NASDAQ/NMS:TARO) today reported that the Company’s wholly owned Canadian subsidiary, Taro Pharmaceuticals Inc., received notification from the Therapeutic Products Directorate of Health Canada approving its Abbreviated New Drug Submission to manufacture and market Ketoderm™ Cream (Ketoconazole Cream 2%) in Canada.

Taro’s Ketoderm™ Cream is bioequivalent to Nizoral® Cream, a product of McNeil Consumer Products Company. Ketoderm™ Cream is a prescription topical product used primarily to treat fungal infections of the skin. According to industry sources, the annual market for Ketoconazole Cream in Canada is currently CDN$4.8 million (approximately US$3.0 million).First Approved Alternative to Nizoral® Cream in Canada

Taro believes its new product is the first generic equivalent to Nizoral® Cream approved in Canada. "Ketoderm™ Cream adds an important antifungal product to Taro’s wide range of prescription and over-the-counter topical pharmaceuticals in Canada," said Barrie Levitt, M.D., Chairman of the Company. "Patients, physicians and pharmacists in Canada will soon have this affordable, high-quality alternative."

Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include references to Ketoderm™ Cream and its availability in Canada. Although Taro Pharmaceutical Industries Ltd. believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ include industry and market conditions, slower than anticipated penetration of new markets, changes in the Company’s financial position, regulatory actions, and other risks detailed from time to time in the Company’s SEC reports, including its Prospectus dated October 1, 2001.

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