TAI'AN, Shandong, China, April 30 /Xinhua-PRNewswire-FirstCall/ -- China Biologic Products, Inc. (OTC Bulletin Board: CBPO) ("CBP," or "the Company"), one of the leading plasma-based pharmaceutical companies in the People's Republic of China ("PRC"), today announced that the Company received approval from the Chinese State Food and Drug Administration ("SFDA") (1) to start the production of Cryoprecipitate, or "cryo," a frozen blood product prepared from plasma and (2) to commence clinical trial of its new product -- Human Prothrombin Complex.
Approval to Supply Cryoprecipitate
As a result of the approval, CBP is now one of only four Cryoprecipitate suppliers in China. Pursuant to a February 2008 contract, between CBP and Green Cross China, CBP is obligated to sell its Cryoprecipitate to Green Cross China for the use in the production of Human Coagulation Factor VIII, a coagulation treatment for hemophilia and massive hemorrhaging, in short supply due to the recent severe shortage of plasma. The contract is expected to generate over US$0.43 million in revenue.
Because Cryoprecipitate is extracted from plasma that would have been discarded previously, management expects that the production of Cryoprecipitate will increase the yield per unit volume of plasma and increase CBP's profit margin. CBP also plans to continue its own research and development of Human Coagulation Factor VIII.
"We are pleased to receive approval from the SFDA to produce Cryoprecipitate," said Mr. Stanley Wong, the Company's CEO. "We believe that this approval is a strong endorsement of our strategy to focus on research and development of Human Coagulation Factor VIII."
Clinical Trial of Human Prothrombin Complex
The Company also announced SFDA approval to commence clinical trial of
its new Human Prothrombin Complex, a coagulant used to treat congenital
bleeding disorders. Management has commenced preparations for the clinical
study and expects to
|SOURCE China Biologic Products, Inc.|
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