XIANYANG, China, March 6, 2014 /PRNewswire/-- Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) ("Biostar" or "corporation"), a China-based manufacturer and marketer of pharmaceutical and health supplement products for a variety of diseases and conditions, announced that it has signed a letter of intent with the Research Institute of Pharmaceuticals at Shaanxi University of Chinese Medicine to develop a new liver cancer drug based on Oleanolic Acid injection.
In recent years, the new cancer cases and fatalities have been increasing sharply around the world, with China bearing the heaviest toll of this increase. According to the World Health Organization (WHO), there were 14 million new cancer cases and 8.2 million deaths around the world in 2012. China accounted for 3.07 million those new cancer cases, or 21.8% of the total, and 2.2 million deaths, or 26.9% of the worldwide figure. China's own estimates for the same periods are slightly higher than the WHO figures. New cases of cancer totalled 3.5 million with 2.5 million fatalities in 2012 according to records from China's National Cancer Registry.
The latest edition of the World Cancer Report also shows that, liver cancer, among lung, oesophagus and stomach, were the most common cancers for Chinese population. In 2012, about 50% of global liver cancer cases and 51% of worldwide deaths caused by liver cancer were recorded in China. One of the major causes for such alarming statistics is that China has more than 40 million Hepatitis B patients. Many of these Hepatitis B patients did not receive timely and proper care and treatment and, which as a result, lead to worsening their health conditions, including, among others, liver cancer.
The research of applying Oleanic acid to treat liver cancer has been well reported in United States in recent years. Biostar's research scientists have discovered that the "AO" factor existing in the Oleanic acid is remarkably effective in killing the Hepatitis B virus (HBV), and it may also be used to kill cancer cells.
"We are very glad to team up with Shaanxi University of Chinese Medicine to jointly develop Oleanolic Acid injection drug for liver cancer after numerous rounds of market research and in-depth discussion with many research institutions in China," commented Mr. Ronghua Wang, Chairman & CEO of Biostar Pharmaceuticals, Inc. " Research and development of a new medicine to treat and, hopefully, cure liver cancer has been the dream of our company for years. In order to make it successful, we intend to invest large amount of capital and resources to support this exciting research project in the near future."
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 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. These results are preliminary and are subject to change, possibly material in nature, following completion of the audit for the year ended December 31, 2013. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the Company's ability to achieve the projected sales in the recently opened sales offices, to complete the contemplated clinical trials and capitalize on such opportunities, the Company's ability to recover its sales and revenue for the gel capsule segment of its business, the state of consumer confidence and market demand or the Company's products, success of our investments, 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, 2012, 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.