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Lotus Pharmaceuticals, Inc. Purchases Intellectual Property Rights to an Established Prescription Drug
Date:2/18/2009

BEIJING, Feb. 18 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS, "Lotus" or the "Company"), a company that controls and operates pharmaceutical companies in the People's Republic of China ("PRC"), today announced that contractually controlled Beijing Liang Fang Pharmaceutical Co., Ltd. ("Liang Fang") entered into an intellectual rights transfer contract with Beijing Yipuan Bio-Medical Technology Co., Ltd. ("Yipuan") in December 2008 to acquire the drug Yipubishan, a highly effective and stable octreotide acetate injection solution, according to a clinical research report issued by Beijing Union Medical College Hospital Center for Clinical Pharmacology, used to treat the symptoms of gastric ulcers and hemorrhages of the upper digestive tract since 2004.

Liang Fang will pay RMB54 million (about $7.9 million) in installments within six months of the date of signing the intellectual rights transfer contract with Yipuan (the intellectual property rights to Yipubishan are documented in an official drug certificate for Yipubishan). Liang Fang has paid RMB20 million (approximately $2.9 million) to Yipuan as of December 31, 2008 and the remaining balance of RMB34 million (approximately $5 million) is due by May 31, 2009. Liang Fang intends to use its present working capital to fund the project.

Part of the development costs of Yipubishan were funded through the use of grants from the Innovation Fund for Small - Medium Technology Based Firms of the Ministry of Science and Technology of the PRC. Because of its advanced bio-medical technology and impact, Yipubishan became the first prescription drug of its kind developed in China to be included in the National Torch Project. The National Torch Project, approved by China State Department, recognizes and promotes commercialization of high-tech discoveries and encourages companies to use high technology.

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SOURCE Lotus Pharmaceuticals, Inc.
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