GUANGZHOU, China, April 24 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME; "China Medicine" or "the Company"), a developer and leading distributor of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines ("TCM"), nutritional and dietary-supplements, medical devices, and medical formulations in the People's Republic of China (PRC), today announced that Guangzhou Co-Win Bioengineering Co., Ltd. ("Co-Win") has received a manufacturing license for premixed feed additive and a manufacturing license for feed additive for its production facility that is leased from Guangzhou Municipal Microbe Research Institute. The Company owns 70% of Co-Win's equity interests through the Company's 100% equity ownership of Guangzhou Konzern Medicine Co., Ltd. The two licenses are both valid for five years from March 23, 2009. Since our novel product, recombinant aflatoxin detoxifizyme (rADTZ) is also a feed additive, the two licenses gave Co-Win necessary credits in terms of its ability of manufacturing feed additives and therefore further enable Co-Win to be eligible for manufacturing a new feed additive, rADTZ. In addition, with both manufacturing licenses and the fact Co-Win has submitted the application for rADTZ's permit, China Medicine may enter into a trial production and trial sales phase for rADTZ.
The production facility will be exclusively used to manufacture rADTZ, a novel product that has the potential to detoxify aflatoxin, a cancer causing agent in food and feed. "We are very pleased to be granted manufacturing licenses for premixed feed additive and feed additive, which represents a major milestone in the evolution of our product," said Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation.
China's Ministry of Agriculture granted the two manufacturing licenses after inspecting the related facility and evaluating Co-Win's management capability, quality control system, human resource professionalism and expertise. Co-Win is also currently waiting to receive a product safety test report and a product effectiveness test report for rADTZ from the Chinese Academy of Agriculture and Science. Upon receiving these reports, Co-Win's application for rADTZ's product permit from China's Ministry of Agriculture can be finalized.
"We are moving fast towards preparing for the commercialization of rADTZ. We have submitted the application for the rADTZ's product permit. We anticipate that such permit is to be granted within the next two or three months. We may start to have trial sales of rADTZ in the second quarter of 2009. We believe that our strategy to develop rADTZ will bring China Medicine to another level altogether, where we will be able to expand our product offering to address China's $404 million feed market, which is approximately 10% of the total feed market in China," concluded Mr. Senshan Yang.
About China Medicine Corporation
China Medicine Corporation is a developer and leading distributor that discovers and develops medical formulations and distributes approximately 2,400 specifications of pharmaceutical products in China, including prescription and over the counter ("OTC") drugs, traditional Chinese medicine products, herbs and dietary-supplements. The Company distributes its products to wholesale distributors including more than 300 hospitals and 500 medicine companies that sell to 1,788 drug stores in 28 provinces throughout China. The Company actively develops a number of proprietary products for a variety of uses, including oncology, high blood pressure and the removal of toxins from food and animal feeds. For more information visit the Company's website at http://www.chinamedicinecorp.com
This press release contains forward-looking statements concerning the Company's business and products. The Company's actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, the expected contribution of higher margin products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.
For more information, please contact: China Medicine Corp Ms. Huizhen Yu, CFO Tel: +86-20-8739-1718 Email: firstname.lastname@example.org CCG Investor Relations Inc. Mr. Crocker Coulson, President Tel: +1-646-213-1915 (New York) Email: email@example.com
|SOURCE China Medicine Corporation|
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