GUANGZHOU, China, July 17 /Xinhua-PRNewswire/ -- China Medicine Corporation (OTC Bulletin Board: CHME; "China Medicine" or "the Company"), a leading distributor and developer of ethical and over-the-counter drugs, traditional Chinese medicines (TCMs), nutritional and dietary supplements, medical devices, and medical formulations in the People's Republic of China (PRC), announced today that it obtained a patent from Australia Patent Office for recombinant Aflatoxin Detoxifizyme (rADTZ). The patent is valid through January 13, 2025.
rADTZ is an innovative product that has the potential to detoxify aflatoxin (AFT), a potential cancer causing agent, in food and feed. It is a compound that is a derivation of aflatoxin-detoxifizyme (ADTZ), an extracellular enzyme. Developed by Guangzhou Co-Win Bioengineering Co., Ltd, a subsidiary of China Medicine, rADTZ can be used as an additive to remove aflatoxins from animal feed as well as other food products. The Company intends to develop rADTZ for this and other applications.
"We are proud to announce that we have achieved a major milestone in being granted a patent for rADTZ in Australia," said Mr. Senshan Yang, Chairman and CEO of China Medicine. "This is a major breakthrough for China Medicine and it opens up the opportunity to expand our business overseas," he added. China Medicine has already obtained a patent for rADTZ from the State Intellectual Property Office of China in early 2004.
China Medicine has performed laboratory experiment on rADTZ and has gathered important data to address technological challenges related to its development. The Company is currently testing rADTZ on animal feed and is scheduled to begin working with the Chinese Department of Agriculture on a large scale experiment in order to meet national standards and apply for production permits. Once the Company receives production permits, it expects to begin trial sales of rADTZ by the end of 2008.
About China Medicine Corporation
China Medicine Corporation is a leading pharmaceutical company which discovers and develops medical formulations and distributes over 2,200 pharmaceutical products in China including prescription and over the counter ("OTC") drugs, traditional Chinese medicine products, herbs and dietary supplements. The Company distributes the products to wholesale distributors in 28 provinces, more than 300 hospitals, 500 medicine companies, and 1,788 drug stores throughout China. The Company actively develops a number of proprietary products for many 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:
Ms. Huizhen Yu
Chief Financial Officer
China Medicine Corp.
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915 (New York)
Mr. Richard Micchelli, Financial Writer
|SOURCE China Medicine Corporation|
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