Acquisition Expected to Add New Drug Products to Aida Pharmaceuticals,
Inc.'s Product Line
SANTA MONICA, Calif., March 27 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. (OTC Bulletin Board: AIDA) today announced that it has signed two share transfer agreements to acquire a controlling interest in one of the leading microbiology research institutes in the People's Republic of China, Jiangsu Institute of Microbiology Co., Ltd. ("JSIM"). Aida Pharmaceutical's subsidiary, Hangzhou Aida Pharmaceuticals Co., Ltd. will be acquiring a 43% equity interest in JSIM from Jin'ou Medicine Co., Ltd. while Aida Pharmaceutical's other subsidiary, Changzhou Fangyuan Pharmaceutical Co., Ltd. will be acquiring a 55% equity interest in JSIM 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 an indirect subsidiary of Aida Pharmaceuticals. This acquisition is expected to add several new products to Aida Pharmaceutical's existing line of products, including several drugs that are undergoing clinical trials by the PRC's State Food and Drug Administration.
Mr. Jin Biao, Chairman and CEO of Aida Pharmaceuticals, noted, "We believe this acquisition will significantly strengthen the research resources of Aida Pharmaceuticals. We are proud to have JSIM join our group of companies and I believe the acquisition will fortify our mission to be an innovative pharmaceutical company in the People's Republic of China."
Jiangsu Institute of Microbiology Co., Ltd. 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 efforts have yi
|SOURCE Aida Pharmaceuticals, Inc.|
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