JERSEY CITY, N.J., Dec. 10, 2015 /PRNewswire/ -- Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, today announced that its Chinese subsidiary has been selected by the government of the City of Shanghai to supply Zhongtongan, its flagship pain management product, to the health insurance system of Shanghai City. Aoxing Pharma will commence deliveries to Shanghai in the near future.
According to the 2015 Blue Book of Chinese Pharmaceutical Market Development issued by the research institute of the China Food and Drug Administration (CFDA), Zhongtongan was ranked 9th among pharmaceutical products used in China for the treatment of musculoskeletal system diseases, with a market share of 1.96%. Zhongtongan has been shown to be effective in managing pain due to osteoarthritis, oral ulcers and dental pain.
There are now over 130 million residents of China who are over 65 years of age. Among that population, mild to severe symptoms of osteoarthritis are common. The aging of the Chinese population has led to an increase in demand for pain management drugs effective in alleviating the symptoms of osteoarthritis, bone hyperplasia, and cervical vertebrae problems.
"We are delighted by the Shanghai government's decision to utilize our product in serving its population. We expect the sales of our products in Shanghai to grow by 35% in 2016 than that of the previous year. We also expect other local and provincial governments will follow the lead of Shanghai, and we intend to be active in pursuing these opportunities in our targeted markets in the coming months," commented Mr. Zhenjiang Yue, the Chairman and CEO of Aoxing Pharma.
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its 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 Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China Food and Drug Administration ("CFDA"). For more information, please visit: www.aoxingpharma.com.
Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc.
Certain 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. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. To the extent that any statements made here are not historical, these statements are essentially forward-looking. Undue reliance should not be placed on forward-looking information. The economic, competitive, governmental, technological and other risk factors identified in the Company's filings with the Securities and Exchange Commission, specifically, Item 1A, "Risk Factors," in the Form 10-K for the year ended June 30, 2015, 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, Inc.