PLYMOUTH MEETING, Pa., Dec. 8 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) ("BMP Sunstone" or the "Company") today announced that seventy eight of the Company's drugs have been included in China's National (Medical) Insurance Catalog (the "2009 NIC"), which was released by China's Ministry of Human Resources and Social Security on November 30, 2009 as part of China's health care reform plan. According to the Chinese government, ninety percent of China's citizens will be covered by a universal healthcare system by the end of calendar 2010.
The 2009 NIC is China's health care reform plan's official drug reimbursement list and includes 2,151 drugs in total. Seventy eight of BMP Sunstone's products have been included in the 2009 NIC, twelve of which are new additions from the last published catalog in 2004. These new additions include some of BMP Sunstone's best selling products such as Confort, a women's health treatment for vaginal infections, and Propess, a first line treatment for labor induction in late-stage pregnancy. The Company's Amoxicillin and Amoxicillin & Clavulanate Potassium products, which treat cough and cold symptoms, were also added to the 2009 NIC. In addition, the Company's thalassemia medication, Ferriprox, has been preliminarily added to Guangdong Province's Medical Insurance Catalog.
Mr. David Gao, Chief Executive Officer of BMP Sunstone, commented, "We are delighted to have twelve new drugs and a total of seventy eight of our products included in China's National Insurance Catalog. The NIC is a vital part of the universal healthcare system, and will greatly expand the addressable pharmaceutical market in China. We are especially pleased about the inclusion of two of our best-performing products, Confort and Propess, as well as our cough and cold products, in the NIC and the preliminary inclusion of Ferriprox in Guangdong Province's Medical Insurance Catalog. Guangdong Province has the highest incidence of thalassemia in China and treatment for this disorder can be very expensive. Therefore, we believe that the potential for partial reimbursement in Guangdong Province will boost sales of Ferriprox throughout that province. We believe that the inclusion of our products in the insurance catalogs will strengthen our brand recognition and accelerate our penetration into our key therapeutic areas, including women's and children's health."
About BMP Sunstone Corporation
BMP Sunstone Corporation ("BMP Sunstone" or the "Company") is a specialty pharmaceutical company that is building a proprietary portfolio of branded pharmaceutical and healthcare products in China. Through Sunstone Pharmaceutical Co. Ltd., the Company manufactures leading pediatric and women's health products, including two of China's most recognized brands, "Hao Wawa" and "Confort," sold throughout the country in approximately 120,000 pharmacies. The Company also markets a portfolio of products under exclusive multi-year licenses into China, primarily focused on women's health and pediatrics, as well as provides pharmaceutical distribution services through subsidiaries in Beijing and Shanghai. BMP Sunstone's main office is in Beijing, with a U.S. office in Plymouth Meeting, PA. For more information, please visit http://www.bmpsunstone.com .
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts, including but not limited to statements about the Company's strategic and market penetration strategies and the potential effects of the listing of the Company's products on China's National (Medical) Insurance Catalog. These statements are subject to uncertainties and risks including, but not limited to, operating performance, general financial, economic, and political conditions affecting the biotechnology and pharmaceutical industries and the Chinese pharmaceutical market, the ability to timely manufacture and distribute the Company's products and other risks contained in reports filed by the Company with the Securities and Exchange Commission. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact: Integrated Corporate Relations, Inc. (Investor Relations) Ashley M. Ammon Tel: +1-646-277-1227 Christine Duan Tel: +1-203-682-8200
SOURCE BMP Sunstone Corporation
|SOURCE BMP Sunstone Corporation|
Copyright©2009 PR Newswire.
All rights reserved