XIANYANG, China, April 23, 2012 /PRNewswire-Asia-FirstCall/ -- Biostar Pharmaceuticals, Inc. (NASDAQ GM: BSPM) ("Biostar" or "the Company"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced that its Shaanxi Weinan subsidiary, acquired in October 2011, won a bid and has been selected as the exclusive supplier of Huangyangning Tablets, a prescription drug used for the treatment of cardiovascular disease, to all hospitals based in the provinces of Liaoning, Hebei and Shandong for up to three years. Biostar will supply Huangyangning Tablets to these hospitals based on patient needs in each hospital.
Ronghua Wang, Biostar's Chairman of the Board and Chief Executive Officer noted, "Bidding on and winning this contract are very important milestones for Biostar. After the acquisition of Shaanxi Weinan, we expanded our product portfolio with seven prescription drugs, bringing our total number of prescription drugs to nine. Following the completion of the acquisition, we focused marketing efforts for prescription drugs on expanding sales to hospitals which entails contract bidding. Of note, historically we have sold our products to local pharmacies and pharmaceutical distributors, but with this win we have penetrated the hospital prescription drug market. This win will provide us with guaranteed sales for Huangyangning Tablets, a drug used to treat cardiovascular symptoms such as chest pain and arrhythmia embolism. The product is widely used by cardiovascular patients all over China."
Mr. Wang added, "The cardiovascular disease drug market in China has been increasing by 18% annually, reaching over RMB 135 billion in 2011, and is the largest segment of pharmaceutical market in China. According to research conducted by the Chinese Center for Disease Control and Prevention, patients with cardiovascular disease have one of the highest mortality rates. Recent studies show that one person suffers a stroke or myocardial infarction every 12 seconds; deaths from cardiovascular diseases account for approximately 40% of total deaths in China."
Mr. Wang concluded, "We have submitted bids and plan to submit more to sell Huangyangning Tablets in other provinces and we plan to do the same for our other prescription drugs. These types of hospital contracts will provide Biostar with a good foundation for continued growth in sales and profits for the years to come. Our focus has always been to increase shareholder value and we are pleased that the acquisition of Shaanxi Weinan in late 2011 is proving to be a good investment for Biostar."
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. The Company's most popular product is its Xin Aoxing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. For more information please visit: http://www.biostarpharmaceuticals.com.
Safe Harbor relating to the Forward-Looking Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The company uses words and phrases such as "guidance," "forecasted," "projects," "is expected," "remain confident," "will" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements. Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Biostar and described in the forward-looking information contained in this news release. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the Company's ability to maintain its market expansion , risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our most recent Annual Report on Form 10-K for the year ended December 31, 2011, and other subsequent filings. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
SOURCE Biostar Pharmaceuticals, Inc.