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
mainland China. The Company's mission is to discover, develop and market
meaningful new therapies that improve human health. Aida Pharmaceuticals,
in operation since March 1999, is headquartered in Hangzhou, China with
manufacturing, distribution and sales points throughout mainland China.
Aida is GMP certified in China and ISO9002 certified for quality assurance
and ISO14000 certified for ecologically-friendly practices.
For additional information, please visit http://en.aidapharma.com.
(310) 450-9100 opt 1
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
|SOURCE Aida Pharmaceuticals, Inc|
Copyright©2008 PR Newswire.
All rights reserved