Acquisition Expected to Yield Multiple New Drug Products for Aida's
SANTA MONICA, Calif., March 27 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc (OTC Bulletin Board: AIDA) today announced that has acquired one of China's top microbiology research institutes, the Jiangsu Institute of Microbiology Co., Ltd. ("JSIM") Aida's subsidiary, Hanzhou Aida Pharmaceuticals Co., Ltd acquired 43% of the institute from Jinou Medicine Co., Ltd while another of Aida's subsidiaries, Changzhou Fangyuan Pharmaceutical Co., Ltd. acquired an additional 55% from Jiangyin Hi-tech Group. The transaction is expected to close shortly. After the completion of the acquisition, Jiangsu Institute of Microbiology Co., Ltd. will become a subsidiary of Aida Pharmaceuticals. The acquisition is expected to yield multiple new products for Aida, including several that are already in clinical trials by China's State Food and Drug Administration.
Mr. Jin Biao, Chairman and CEO of Aida Pharmaceuticals, noted, "This acquisition will significantly strengthen the research resources of Aida. We are proud to have JSIM in our group and I believe the acquisition will fortify our ability to be an innovative pharmaceutical company in China".
Jiangsu Institute of Microbiology Co., Ltd. ("JSIM") is a national leader in microbiology with over thirty years of research history. JSIM, located in Wuxi City in Jiangsu Province, has over thirty scientists and engineers that have completed over 200 research projects. Over twenty research projects were developed as national-level key projects, as designated by the Chinese government. JSIM's research acumen has been rewarded with numerous patents.
About Aida Pharmaceuticals
Aida Pharmaceuticals is a product-focused pharmaceuticals company
engaged in the formulation, clinical testing, registration, manufacture,
sales and marketing of advanced pharmaceutical and genetic products in
|SOURCE Aida Pharmaceuticals, Inc|
Copyright©2008 PR Newswire.
All rights reserved