SHENYANG, China, Nov. 18, 2010 /PRNewswire-Asia-FirstCall/ -- 3SBio Inc. ("3SBio") (Nasdaq: SSRX), a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products today announced that it has recently converted the remaining US$2.58 million of a US$4.5 million debenture convertible into Isotechnika Pharma Inc. ("Isotechnika") common shares issued on August 23, 2010. As a result, Isotechnika issued an additional 17,516,000 common shares at C$0.155 per common share to 3SBio. The common shares are subject to a four month plus one day hold which commenced on August 23, 2010. Prior to this conversion, 3SBio owned 13,000,000 common shares of Isotechnika. The US$4.5 million debenture has now been fully converted and 3SBio owns approximately 18.83% of the issued and outstanding shares of Isotechnika.
The debenture was acquired in conjunction with the strategic partnership with Isotechnika to develop and commercialize voclosporin in China announced on August 24, 2010. 3SBio will continually review its investment alternatives and may purchase or sell securities of Isotechnika from time to time in accordance with applicable securities laws.
3SBio has also filed a report with the Canadian regulatory authorities containing additional information (the "Early Warning Report"). A copy of the Early Warning Report will appear with Isotechnika's documents on the SEDAR website, at www.sedar.com and may also be obtained by contacting the persons listed below.
About 3SBio Inc.3SBio is a leading, fully integrated, profitable biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China. Its focus is on addressing large markets with significant unmet medical needs in nephrology, oncology, supportive cancer care, inflammation and infectious diseases. With headquarters and GMP certified manufacturing facilities in Shenyang, PRC, 3SBio employs over 500 people. Shares trade in the form of American Depositary Shares (ADSs) on the NASDAQ stock market under the ticker symbol "SSRX". 3SBio's address is No. 3 A1, Road 10, Shenyang Economy & Technology Development Zone, Shenyang, China 110027. Please see www.3SBio.com for more information. Investor Contacts Bo TanChief Financial Officer3SBio Inc.Tel: + 86 24 2581-1820 ir@3SBio.comTom FolinsbeeDirector of Investor Relations3SBio Inc. Tel: + 852 8191-6991ir@3SBio.com
|SOURCE 3SBio Inc.|
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