Caraco Pharmaceutical Laboratories Ltd 2003 revenues are expected to jump 56% to $35 million, from 2002's revenues of $22.4 million, which were up 278% from 2001's revenues, Narendra N. Borkar, Chief Executive Officer, announced.

Detroit-based Caraco Pharmaceutical Laboratories Ltd develops, manufactures and distributes generic and private-label prescription drugs to some of the nation's largest wholesalers, distributors, drugstore chains, and healthcare systems.

The Company plans to launch three or four new generic drugs in 2003, bringing its formulary to 16 or 17 drugs by yearend.The Company also plans to submit four to six new generic-drug applications to the FDA in 2003.

Caraco currently has three drugs pending FDA approval. Borkar said, "The positive outlook for 2003 revenue growth reflects good sales across the entire productline, the introduction of three or four new products, and continued strong sales of new products."

Caraco has received FDA approval for 10 generic drugs over the past six quarters. These are: digoxin, a generic form of Glaxo Wellcome's Lanoxin; clozapine, a generic form of Novartis' Clozaril; ticlopidine hydrochloride, a generic form of Hoffman LaRoche's Ticlid; meperidine hydrochloride, a generic form of Sanofi-Synthelabo's Demerol; metformin hydrochloride, a generic form of Bristol Myers Squibb's Glucophage; oxaprozin, a generic form of G.D Searle's Daypro; carbamazepine (chewable), a generic form of Novartis' Tegretol; clonazepam, a generic form of Roche's Klonopin; flurbiprofen, a generic form of Pharmacia's Ansaid; and tramadol hydrochloride, a generic form of R.W. Johnson Pharma Research Institute's Ultram.