Kingchem to Act as Agent to Find Partner to Co-Develop Company's Chinese Patented Skeletal Muscle Relaxant for North American Markets
LAS VEGAS, April 3 /PRNewswire-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP) ("Sinobiopharma") (the "Company") is pleased to announce that it has signed an export agreement with Kingchem, an international marketing organization headquartered in New Jersey that specializes in custom manufacturing and sourcing of pharmaceuticals. Under the two-year agreement, Kingchem will act as an agent to find a U.S. pharmaceutical company to co-develop Sinobiopharma's Chinese patented new version of Cisatracurim besylate, a non-depolarizing pre-surgical skeletal muscle relaxant, for use in North America. Kingchem will also source buyers in North America and facilitate the export process.
Marketed under the Kutai trademark in China, the Company's formulation of Cisatracurim besylate is the world's first that can be stored at room temperature; competitors' versions must be kept at 2 to 8 degrees C. Compared to other neuromuscular blocking agents, Kutai, which is administered intravenously, is immediate in onset and longer in duration. Kutai captured an estimated 80 percent of the Chinese market within 14 months of its launch in China.
Kingchem is a well-established, respected supplier to the pharmaceutical, nutritional and fine chemical industries in the United States and Europe. With more than a decade of service, Kingchem has been recognized by its customers as a quality and reliable supplier.
"We believe this agreement is a first step in expanding the international marketing of Kutai to help generate increased sales revenues," said Sinobiopharma Vice President, Xuejun Chen.
About Kingchem LLC
Kingchem LLC acts as a third party manufacturer's agent, representing a group of first class manufacturers in China and in other parts of the world in the pharmaceutical, fine and specialty chemical, and nutritional and health food industries.
Sinobiopharma, Inc. is a fully integrated and highly innovative biotechnology company engaged in the research and development, manufacture and marketing of biopharmaceutical products in China, the world's fastest growing pharmaceutical market. Known as Dong Ying (Jiangsu) Pharmaceutical Co. Ltd. in China, the Company's current therapeutic focus is on anesthesia-assisted agents and cardiovascular drugs.
This news release may include "forward-looking statements" regarding Sinobiopharma, Inc., and its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiopharma, Inc. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiopharma, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
|SOURCE Sinobiopharma, Inc.|
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