JILIN, China, Aug. 28 /Xinhua-PRNewswire/ -- Global Pharmatech, Inc. comments on major milestones in the first half of 2006. Global Pharmatech develops, manufactures and markets proprietary drugs and nutritional supplements that are based on modernized Chinese medicine and bio-pharmacy. Through its subsidiaries, Global Pharmatech combines R&D of botanical drug products, manufacturing, and sales and marketing for the Over-the-Counter (OTC) and prescription drug markets.
Joseph Levinson, Chief Financial Officer of Global Pharmatech, stated: "During the first half of 2006, we achieved a major milestone in completing a private placement raising gross proceeds of $5 million. Investors are recognizing our unique position in the market as a research and developer of botanical-based products. And investors are waking up to the fact that we are certainly not an ordinary Chinese manufacturer producing copycat drugs. Our long list of patents and awards, as well as our top-quality scientists, are a testament to the fact that we are a true innovator and a trailblazer in this field."
Levinson added, "This money will give us the ability to expand our growth, both in research and in sales channels. The economics of the pharmaceutical industry are good, and we will seek to put this money to benefit our shareholders."
Dr. Tom Du, Director and Chief Technology Officer of Global Pharmatech, said: "On the scientific side, we are continuing to develop our pipeline of drugs that meet the needs of the marketplace, and that can pass through rigorous clinical trials. As our sales channels continue to expand, we will be in a position to push a wider variety of products to an expanding customer base."
Dr. Du added: "We recognize that what sets us apart from other companies is the outstanding quality of our internally-developed drugs. What we seek now is a greater platform from which to capitalize on our very deep product pipeline. As we methodically seek ways to widen our distribution, the money from our recently completed private placement will put us in a position to do just that."
Dr. Du concluded, "Our strategy is to not only become a leader in developing botanically-based products as we already are, but to become a leader in distributing these products to our end users."
About Global Pharmatech
Global Pharmatech, through its subsidiaries, develops, manufactures and markets proprietary drugs that are based on Traditional Chinese Medicine and using modern facilities and advanced R&D technologies. The company offers a full range of "start to finish" biotech services, from research and testing to manufacture and sale of liquid and solid dose products employing unique proprietary extraction methods, and also licenses patents and technologies for botanical/biological drug products. Global Pharmatech's operations are currently based in the People's Republic of China with sales distribution in China, Malaysia, Singapore and Indonesia. For more information, please visit http://www.global-pharmatech.com .
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Global Pharmatech, Inc.
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