"As we get further into the fourth quarter and look towards 2010, we are excited about the prospects for recombinant Aflatoxin Detoxifizyme (rADTZ), our novel product for removing aflatoxins found in food and animal feed. Our current product permit for rADTZ allows for small-scale trial sales and revenue contributed by rADTZ has not yet been significant. Nonetheless, we anticipate receiving the product permit for rADTZ from the Chinese Ministry of Agriculture by the end of the year and we have purchased additional equipment to increase our current rADTZ production capacity from 50 tons to 1,200 tons in 2010, and 4,200 tons in 2011," said Mr. Yang, the company's CEO.
"We continue to seek out opportunities to further expand our business and deliver the highest value possible for shareholders. We recently entered into a two-year agreement to export our self-owned, OEM manufactured product Levocarnitine, which will be sold in Pakistan. Levocarnitine is used to treat coronary heart disease and acute myocardial infarction. The potential market for Levocarnitine in Pakistan is estimated at two million vials per year and we expect to launch this product in January 2010. We estimate that gross margin for this product will be at least 65%," said Mr. Yang.
In October, the Company entered into an equity transfer agreement with
Sinoform Limited to acquire 100% of Sinoform's equity interests in Guangzhou
LifeTech Pharmaceutical Co., Ltd ("LifeTech"). LifeTech's assets are appraised
at RMB 174.3 million ($25.5 million) and comprise product licenses, permits,
patents, land use rights, manufacturing facilities, state-of-the-art
production equipment, and a portfolio of 39 TCM and Western medicine products
to treat a variety of illnesses, including two new products undergoing
clinical trials. China Medicine expects the acquisition to be accretive to
earnings generating reven
|SOURCE China Medicine Corporation|
Copyright©2009 PR Newswire.
All rights reserved