PLYMOUTH MEETING, Pa., Jan. 12 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) ("BMP Sunstone" or the "Company"), today announced that senior executives voluntarily elected certain compensation restrictions in the fiscal years 2008 and 2009. Senior executives rescinded any 2008 bonus payments, and elected to not increase executive salaries while also reducing stock option compensation for 2009. In addition, the Board of Directors voluntarily reduced their stock option compensation for 2009. After consideration of BMP Sunstone's many achievements during 2008 and management's commitment to the Company, this offer was approved by the Compensation Committee of the Board of Directors.
David Gao, Chief Executive Officer of BMP Sunstone, stated, "The year 2008 was a turning point for our Company as we achieved record top and bottom-line financial performance, completed transformative acquisitions with Sunstone and Rongheng, solidified our presence in China's top three pharmaceutical markets of Beijing, Shanghai and Guangzhou, diversified our product offering with exciting new product launches and product approvals, and strengthened our management team across the organization. Despite the Company's significant progress during 2008, the board and management team have decided to take these compensation restrictions in recognition of the current global economic environment. The success achieved in 2008 enables us to enter 2009 in a strong competitive position and to continue growing our business. We remain enthusiastic about the business prospects in China's rapidly growing healthcare sector."
About BMP Sunstone Corporation
BMP Sunstone Corporation is a specialty pharmaceutical company that is building a proprietary portfolio of branded pharmaceutical and healthcare products in China. Currently this portfolio includes eight products under exclusive multi-year licenses for China, primarily focused on women's health and pediatrics. The Company also owns Sunstone Pharmaceutical Co. Ltd., which manufactures leading pediatric and women's health products, including two of China's most recognized brands, "Hao Wawa" and "Confort," sold through approximately 50,000 pharmacies in China. The Company also provides pharmaceutical distribution services through its subsidiaries in Beijing and Shanghai, and through its affiliate, Guangzhou Pharmaceuticals Corp. The Company has its main office in Beijing, with a US office in Plymouth Meeting, PA. For more information, please visit http://www.bmpsunstone.com .
|SOURCE BMP Sunstone Corporation|
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