Aoxing Pharma Inaugurates Chinese Government-Funded Drug Research Center
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 announces the inauguration of its new Narcotic and Psychotropic Drug Research Center.
Construction of the Center was funded by the Reform and Development Commission of Hebei Province in China along with Aoxing Pharma's Chinese subsidiary, with a total investment of US$2.15 million.
This state-of-the art Research Center occupies 2,200m2, and meets current GLP and GMP standards. The Center will provide facilities for narcotic and psychotropic drug research and development, including chemical synthesis, transdermal patch formulation, pilot manufacturing, quality review and analytical labs. The Center is outfitted with the latest technology, to offer an optimal research environment to the research scientists at Aoxing Pharma.
"We are delighted by the inauguration of the new R&D Center, and are honored to receive this powerful endorsement by the Chinese government," said Mr. Zhenjiang Yue, the Chairman and CEO of Aoxing Pharma. "The government contributed to the funding of this project in recognition of our company's strong commitment to the narcotic drug and psychiatric treatment business. Government endorsement of our efforts can also be seen in our recent receipt of authorization from the China FDA (CFDA) to initiate four drug programs, including Lorcaserin Hydrochloride tablets and Lorcaserin Hydrochloride API (active pharmaceutical ingredient), weight-reduction drugs for overweight and obese patients, as well as Caffeine tablets (for swallowing) and Caffeine buccal tablets (for dissolving in the mouth), for the management of mental fatigue and headache. With government approval and our new government-funded research facility, we are well positioned to quickly introduce such products into the Chinese pharmaceutical market."
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.
