TAI'AN CITY, Shandong, China, Jan. 14 /Xinhua-PRNewswire-FirstCall/ -- China Biologic Products, Inc. (Pink sheets: CBPO) ("China Biologic" or the "Company"), one of the leading manufacturers of plasma-based pharmaceutical products in the People's Republic of China ("China" or the "PRC"), today announced that it was granted a RMB1.5 million (approximately US$0.2 million) award by the Shandong Provincial Government for use in the improvement of its plasma production facilities in accordance with Shandong's "Double Hundred Project" initiative.
The Double Hundred Project initiative was launched in January 2006 by Shandong Province, in response to China's Eleventh Five-year Development Plan. Through the Double Hundred Project, Shandong set up a special fund to develop what it identified as one hundred key products and one hundred key technology innovation centers in the province. The project provides, among other things, policy and financial support as well as quantitative government assessment to develop the chosen one hundred key products into eventually becoming, within five years, among China's top three products in terms of production capacity in their respective industries. Recognition of a product by the project also results in brand recognition for a manufacturer within Shandong Province and throughout China.
The Company's grant award was preceded by the Company's formal acceptance into the Double Hundred Project by the Shandong Economic and Trade Committee on December 21, 2007.
"We consider this award from the government as a strong endorsement of our continuous efforts in research and development and of our achievements in upgrading our production facilities to develop more technologically advanced plasma based products," said Mr. Stanley Wong, CEO of China Biologic. "We expect that support from the project will provide us with a competitive edge for our manufacturing technology and our products."
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|SOURCE China Biologic Products, Inc.|
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