GUANGZHOU, China, June 23 /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), today announced it has successfully obtained the exclusive rights to sell 2,300 products included in the Company's current catalogue.
The Company won the exclusive rights through an on-line bidding system called the "Guangdong Sunshine Medicine Public Internet Bidding System." The system was established in 2007 by the Guangdong government to help consolidate the provincial medicine acquisition market and to promote a transparent bidding process. Among the 2,300 products that the Company has maintained exclusive rights to sell, four were developed by China Medicine. They include Ozagrel, a powder-injection that is used for treatment of acute myocardial infarction; Bumetanide, an injection used for treatment of diuretic and chronic kidney failure; Levocarnitine, an injection used for the treatment of coronary heart disease; and Ji Xue Gan Pian, a tablet which is used for the treatment of cuts from surgery and skin disease.
"We are excited that we have bid against more than 1,700 medicine distributors nationwide and have maintained the rights to sell over 2,300 products that were already included in our product catalogue," said Mr. Senshan Yang, Chairman and CEO of China Medicine. "We will be selling our products to hospitals throughout Guangdong Province through an online drug sales system."
China Medicine believes that securing and maintaining the rights to sell the drugs previously included in its portfolio will help to increase revenues going forward since the Company has already gone through the introductory phase, which is typically a period of slower sales when new products are advertised and marketed. With the introductory phase complete, the Company can now focus more on promoting existing drugs thereby increasing sales volume. China Medicine maintains a strong reputation in the pharmaceutical industry and an extensive distribution network.
"China Medicine will continue to actively participate in the online bidding system in order to add more products to our portfolio," commented Mr. Yang. "We will also increase our research and development efforts in order to increase our portfolio of self-developed drugs."
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 drugs, traditional Chinese medicine products, herbs and dietary supplements. The Company distributes the products to wholesale distributors in 28 provinces and to 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 risk
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 statement to reflect events or
circumstances after the date of this release.
Company Contact: Investor Relations Contact:
Ms. Huizhen Yu Mr. Crocker Coulson
Chief Financial Officer President
China Medicine Corp CCG Elite Investor Relations
Tel: +86-20-8739-1718 Tel: +1-646-213-1915 (NY Office)
|SOURCE China Medicine Corporation|
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