Drug maker Taro Pharmaceutical Industries (Nasdaq: TARO) today announced U.S. Food and Drug Administration approval for manufacture and marketing of its Amcinonide cream for the treatment of fungal skin diseases.

Amcinonide, a generic version of Japanese drug maker Fujisawa's Cyclocort which has a $5.4 million annual market, will be launched immediately.

Investec analyst Kobby Finkelstein notes that this is not a significant volume of sales for Taro. Nonetheless, the approval could positively impact share price after a year-long drought in FDA approvals for the company, which hasn't gotten a nod since May 2001 when Lotrisone passed.