Navigation Links
Lotus Pharmaceuticals to Expand Construction of Beijing Facility
Date:2/4/2011

BEIJING, Feb. 4, 2011 /PRNewswire-Asia-FirstCall/ – Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a fast-growing, profitable developer, manufacturer and seller of medicine and drugs in the People's Republic of China ("PRC"), today announced that it will add two additional stories to its new headquarters building in Chaoyang District, Beijing, which is currently under construction and is scheduled to be completed in the second quarter of 2011.

The facility was originally designed to have nine floors with a gross area of approximately 25,000 sq. meters (269,000 sq. feet) and house the Company's GMP-certified manufacturing facility, 10,000 sq. meters (108,000 sq. feet) of storage space, a research and development center, and Lotus' main administrative offices. The two new floors will contain between 90 and 120 apartments for employees and will add approximately 9,000 sq. meters (97,000 sq. feet) of space to the building, bringing the total gross area to 34,000 sq. meters (366,000 sq. feet).

The incremental cost for the new construction will be approximately $9 million, which includes design, materials, and labor costs, as well as expenses for approval and public relations. The Company expects the facility to be completed by the end of June 2011, in line with management's previous estimates.

Lotus expects its total investment in the construction of the Beijing facility to be no more than $48 million, of which $36 million had already been paid by the Company by the end of 2010. At the current market price of $3,000-$3,700 per sq. meter (approximately $279-$344 per sq. foot) in Beijing, the total market value of the building is estimated to be $102-$126 million.

Dr. Zhongyi Liu, Lotus' Chairman and CEO, stated, "In order to better motivate our staff, the Company decided to add two new stories onto current construction for apartments. These will be given to managers at all levels of the Company to ensure a stable and loyal team, which we expect to benefit the Company financially in the long run. We currently have not taken out any loans for the building, and we expect to finance all of the costs associated with the facility through our internal operations."

About Lotus Pharmaceuticals, Inc. Lotus Pharmaceuticals, Inc. is a fast-growing, profitable developer and producer of drugs and a licensed national seller of pharmaceutical items in the People's Republic of China (PRC). Lotus operates its business through its two controlled entities: Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi Pharmaceutical, Ltd. Lotus' current drug development is focused on the treatment of cerebro-cardiovascular diseases, asthma and diabetes. Liang Fang sells drugs directly and indirectly through its national sales channels to hospitals, clinics and drugs stores in 30 provinces of the PRC.

Information Regarding Forward-Looking StatementsExcept for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.Contacts:At the Company:Xing Shen, Ph.D.VP of Corporate DevelopmentLotus Pharmaceuticals, Inc.Tel: 415-690-7688Email: shen@lotuspharma.com Web: http://www.lotuspharma.comInvestor Relations:Dave Gentry, PresidentRedChip Companies, Inc.Tel: +1-800-733-2447, Ext. 104Email: info@redchip.comWeb: http://www.redchip.com
'/>"/>

SOURCE Lotus Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Lotus Pharmaceuticals, Inc. Achieves Significant Milestones in the Development of Isosorbide Mononitrate Sustained Release Tablets
2. Lotus Pharmaceuticals, Inc.s New Drug Laevo-Bambutero Begins Evaluation for Clinical Trials
3. Lotus Pharmaceuticals, Inc. Reports Third-Quarter 2009 Results
4. Lotus Pharmaceuticals, Inc. to Exhibit at the 62nd PHARMCHINA
5. Lotus Pharmaceuticals, Inc. Strengthens Beijing Presence with Direct Sales to Drug Stores
6. Lotus Pharmaceuticals Reports Groundbreaking Ceremony
7. Lotus Pharmaceuticals to Exhibit at the 63rd PHARMCHINA
8. Lotus Pharmaceuticals Laevo-Bambuterol Received SFDA Approval to Commence Clinical Trials
9. Lotus Pharmaceuticals, Inc. Reports Strong First Quarter 2010 Financial Results
10. Pink Lotus Breast Center to Integrate Electronic Brachytherapy Cancer Treatment Platform
11. Lotus Pharmaceuticals to Present at Global Hunter Securities 2010 China Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/20/2016)... , May 20, 2016 ... Antibody Technologies, Insulins, Growth Hormones, Recombinant Coagulation Factors ... Drugs - This New Study Reveals Selling Opportunities ... ,What is the future of ... latest technological and commercial analysis. Staying ahead in ...
(Date:5/19/2016)... , May 19, 2016  According to the ... the world lacks basic diagnostic imaging. Whereas mammography ... the United States , many places ... technology. In fact, the WHO reports that those ... avoidable or treatable death, simply due to the ...
(Date:5/19/2016)... , May 19, 2016 According to a ... 2016-2017, G7 Countries, (U.S., Germany , ... Spain , and Japan )", published by ... 2021, at a CAGR of 13.9% from 2016 to 2021. ... Browse 14 market data Tables spread through 26 Pages and in-depth ...
Breaking Medicine Technology:
(Date:5/23/2016)... ... May 23, 2016 , ... On Sunday, May 15, Rockynol ... 64-room assisted living center. After 18 months of construction, the new state-of-the-art structure ... building provides the latest in assisted living amenities and services, offering six different ...
(Date:5/23/2016)... Los Angeles, CA (PRWEB) , ... May 23, 2016 , ... ... bariatric surgeons have noted that, less than 1% of United Kingdom residents who could ... the UK’s National Health Service (NHS) increases the number of bariatric procedures it offers ...
(Date:5/23/2016)... ... May 23, 2016 , ... African-American ... to Georgia State University researchers. , In a recent study published ... and seventh grades shared their experiences with strained relationships, recurring violence, internalized ...
(Date:5/23/2016)... ... May 23, 2016 , ... ComplianceOnline, the leading governance, risk ... medical device summit on September 15 and 16, 2016 in San Diego, CA. ... FDA office bearers will be one of the largest gatherings of medical device companies, ...
(Date:5/23/2016)... PALMYRA, Wis. (PRWEB) , ... May 23, 2016 ... ... held April 29 on its Chesterfield, Missouri, campus, Standard Process Inc. ... Kate Cline, Stephanie Siewert and Chloe Tillman. Each student is in her fifth ...
Breaking Medicine News(10 mins):