Aoxing Pharmaceutical Company Announces Conference Call to Discuss Joint Venture with Johnson Matthey PLC Following the Chinese Government Signing Ceremony
- Call to discuss landmark deal to develop narcotics and neurological pharmaceutical products in China scheduled for May 13, 2010 -
NEW YORK, May 12 /PRNewswire-FirstCall/ -- Aoxing Pharmaceutical Company (NYSE Amex:AXN) ("Aoxing Pharma") today announced that Chinese government successfully hosted a joint venture signing ceremony on the behalf of Aoxing Pharma and Johnson Matthey Plc earlier today on May 12, 2010. Tomorrow, Aoxing Pharma will host a conference call to discuss the joint venture ("Joint Venture"), previously announced on April 26, 2010, focused on research, development, manufacturing and marketing of active pharmaceutical ingredients ("API") of narcotics and neurological drugs for the China market. The joint venture, named Hebei Aoxing API Pharmaceutical Company, Ltd, is expected to begin manufacturing API in 2011.
"We are gratified for the strong support from the Chinese government on the establishment of this Joint Venture. This is a landmark collaboration for both Aoxing Pharma and Johnson Matthey Plc through its subsidiary, Macfarlan Smith Ltd, a world leader in narcotic and controlled active pharmaceutical ingredients," said Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma. "The Chinese government is very pleased with this collaboration as it not only represents an important milestone to our business, but also to the greater pharmaceutical narcotics and pain management industry in China. Accessing the appropriate quality and quantity of APIs has been a clear issue in China and we look forward to addressing that need as early as next year. We have received very positive feedback since announcing this deal in late-April and look forward to discussing it in more detail tomorrow morning."
The joint venture signing ceremony was hosted by the Chinese Government of Xinle City, endorsed by officials from China State Food and Drug Administration (SFDA) and other divisions of Hebei Province Government along with over 180 guests attending at Zhongmao Haiyue Hotel in Shijiazhuang City.
Conference Call Information
The Company will hold a conference call tomorrow, Thursday, May 13, 2010 at 8:30am ET to discuss more details of the joint venture transaction.
Toll-Free: 1-800-474-8920 |
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International: 1-719-457-2677 |
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A replay of the call will be available for 45 days at http://viavid.net/dce.aspx?sid=00007585.
About Hebei Aoxing API Pharmaceutical Company, Ltd
The joint venture represents a significant new opportunity for both companies to expand their business in the rapidly growing pharmaceutical market in China.
Under the terms of the agreement, Macfarlan Smith Ltd, a wholly owned subsidiary of Johnson Matthey Plc, headquartered in the United Kingdom, will contribute technology expertise and capital to the joint venture. Hebei Aoxing Pharmaceutical Group Company, Ltd ("Hebei Aoxing"), the operating subsidiary of Aoxing Pharma, will contribute capital, fixed assets and related API manufacturing licenses. The joint venture company will be called Hebei Aoxing API Pharmaceutical Company, Ltd. Hebei Aoxing will have a 51% stake in the Company, while Macfarlan Smith (Hong Kong) Ltd, (a wholly owned subsidiary of Johnson Matthey Pacific Ltd), will hold 49%. Each company will have equal representation on a board of directors that will oversee a management team responsible for corporate strategies and operations.
The new joint venture will be located on the Hebei Aoxing campus in Xinle City, 200 kilometers south west of Beijing. The total capital investment is projected to be approximately $15 million during the first five years. The joint venture will seek cGMP approval by the China SFDA for a dedicated manufacturing facility by the end of 2010 and plans to begin manufacturing in the first quarter of 2011. It is planning to initially develop eight narcotic API products for the China market but its product range could potentially exceed 30 products.
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc is a US incorporated specialty pharmaceutical company with its main operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). It has strategic alliance partnership with QRxPharma and American Oriental Bioengineering, Inc. For more information: www.aoxingpharma.com.
About Macfarlan Smith Limited
Macfarlan Smith Limited, a wholly owned subsidiary of Johnson Matthey Plc, is a world leader in the production of alkaloid opiates and other controlled active pharmaceutical ingredients. As one of the world's oldest pharmaceutical companies, Macfarlan Smith has manufactured and developed active pharmaceutical ingredients and intermediates for almost 200 years, and today the company operates a state-of-the-art plant to the highest level of cGMP. For more information: http://www.macsmith.com/.
About Johnson Matthey Public Limited Company
Johnson Matthey is a specialty chemicals company, publicly traded in London Stock Exchange, focused on its core skills in catalysis, precious metals, fine chemicals and process technology. Johnson Matthey's principal activities are the manufacture of auto catalysts, heavy duty diesel catalysts and pollution control systems, catalysts and components for fuel cells, catalysts and technologies for chemical processes, fine chemicals, chemical catalysts and active pharmaceutical ingredients and the marketing, refining, and fabrication of precious metals. It reported revenue of 7,848 million pounds Sterling for the fiscal year ended in March 31, 2009. For more information: www.matthey.com.
For more information please contact:
Aoxing Pharmaceutical Company, Inc. |
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Investor Relations Contact: |
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Brian Korb |
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Vice President |
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The Troup Group LLC |
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Tel: +1 646 378 2923 |
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Email: [email protected] |
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Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other risk factors identified in the Company's filings with the Securities and Exchange Commission, including the Form 10-K for the year ended June 30, 2009, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
SOURCE Aoxing Pharmaceutical Company
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