HANGZHOU, China, July 17 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. , one of mainland China's leading pharmaceutical companies, announced today that its CEO has issued a performance update to its shareholders:
To Our Shareholders:
2006 has ushered in many positive changes at your company. Through this transition, management has remained focused on continually expanding future sales and profitability through the discovery, development and distribution of innovative healthcare solutions for China. We strive to capitalize on existing organic opportunities and to continue to make targeted pipeline enhancing acquisitions. We are confident this wining approach will leverage our position as a leading domestic Chinese pharmaceutical company and situate us as a gateway to the global pharmaceutical marketplace.
Being a leader in our industry requires an outstanding strategy for growth and a relentless focus on our consumers' living healthier lives. Aida Pharmaceuticals' expertise in research and development, manufacturing and supply chain management enables us to safely and effectively bring industry changing products to market, capitalizing on emerging growth opportunities. The strength and leadership of our management team can be seen in ambitious performance based goals set for our employees, nearly 500 strong. A workforce having the expertise, intellect, dedication and spirit to succeed, along with a collective organizational commitment to deliver continued growth and profitability for shareholders bodes very well for our future.
Our Successful Transition in 2006: * Aida consummated a reverse merger into a public entity, effectuated a name change to 'Aida Pharmaceuticals', and began trading on the OTC Bulletin Board. * Aida became a publicly reporting company for the first time in its history, compliant with all Western regulations including FASB, GAAP, and Sarbanes Oxley. * Aida retained an investor relations firm and began marketing itself to the financial community in the United States. * Aida expanded its product pipeline through research and development and acquisitions. * Aida entered the Genetic Therapy sector through a share purchase agreement with Zhejiang Medical Group Inc. to purchase an additional 45% of the outstanding shares of Shanghai Qiaer Bio-Technology Co., Ltd., acquiring Rh-Apo21. Our Flagship Product:
Etimicin Sulfate, the first patented antibiotic in China, is, regarded as a category "A" drug by the State Food and Drug Administration of China. It is used to treat various infections and inflammations. The Company controls its raw material supplier for Etimicin Sulfate. Additionally, Aida holds the exclusive patent on the powder and transfusion form of Etimicin Sulfate through 2012 and is one of two exclusive producers of its liquid form. Aida holds nationally recognized GMP quality assurance certification in China, and has nine ISO9002 certified production lines for quality assurance which are also ISO14000 certified for ecologically-friendly practices.
Our Existing Product Pipeline:
In addition to Etimicin Sulfate, Aida Pharmaceuticals has three cancer treatment drugs in varying stages of development. After the closing of a recent acquisition, Aida Pharmaceuticals will hold the patent for Rh-Apo21, and/or its serial products, a pioneering genetic drug used to treat certain forms of cancer. Rh-Apo21 is nearing the end of Phase I clinical trials, which are expected to conclude in 2006. The Company has applied for three patents; one patent has been granted and the other two are pending. Additionally, Aida Pharmaceuticals is developing an anti-cancer medication derived from 5-fluroruacil which has initially been shown to have nominal side effects; early tests suggest it will be effective in treating certain forms of cancer. Aida has applied for production approval of the drug for injection from the State Food and Drug Administration. This new drug is expected to have a 6-year protection period upon approval. Aida Pharmaceuticals is also developing a third anti-cancer drug. The clinical tests for this drug are expected to be completed by the end of the second quarter of 2008 and production is expected to begin before year-end 2009.
Aida Pharmaceuticals is also developing a stroke recovery medicine, SY02, extracted from vegetables with bioactivity for anti-clotting in the brain. Aida Pharmaceuticals' allied research institute has completed a pharmacological study and applied for a patent for SY02. The institute has already invested heavily in the development of the drug and plans to apply for clinical tests within the next eighteen months. Aida intends to apply for production approval by year-end 2010. The drug has thus far shown to be safe, effective, resulting in full recovery with only nominal side effects.
Next Generation Pipeline Drugs:
The Company has three additional drugs in early stages of development. Prodigiosin is currently being evaluated for pre-clinical trials as a potential therapy for pancreatic cancer. Anti-CD86 monoclonal anti-body, which prevents T-cell activation, is currently being tested for treating certain immunity-related diseases. Anti-CTLA-4 monoclonal anti-body relieves the inhibition of human T-cell proliferation and is designed as a treatment for tumors.
Outlook:
Aida reported profits of $1.47 million on revenues of $24.53 million at year end 2005. More recently, at the end of our March ending quarter, we reported revenues of $5.33 million. For the same period, cash and cash equivalents totaled $2.27 million. These financial results were primarily driven by the success of Etimicin Sulfate. Not only is Etimicin a steady grower and cash earner for us, but our competitive advantage provides some control of the manufacturing and distribution costs of this drug. While we remain excited about the continued success of our Etimicin products, Aida is positioning the Company to become less reliant on this single drug by further diversifying our drug portfolio. We are succeeding in this endeavor and anticipate bringing seven new drugs to market, with two drugs in 2008 and 2010, respectively, and the others in annual intervals thereafter. This will allow us to significantly grow revenues, income and produce balanced financial results that increase shareholder value in the long-term. Our target market is growing exponentially, as the Chinese population consistently increases its per capita income and standard of living. I believe Aida is poised to grow rapidly, continuing to fulfill the mission of bringing our product pipeline to market for the combined benefit of our consumers and our investors.
We thank you for your support and encourage your continued interest in Aida Pharmaceuticals. If you have additional questions or comments, please contact our investor relations firm, Equity Performance Group, at 617-723-2373 or by email at gary@equityperfgp.com.
Thank you, Jin Biao, Chairman Aida Pharmaceuticals, Inc. About Aida Pharmaceuticals:
Aida Pharmaceuticals is a product-focused pharmaceuticals company engaged in the formulation, clinical testing, registration, manufacture, sales and marketing of advanced pharmaceutical and genetic products in mainland China. The Company's mission is to discover, develop and market meaningful new therapies that improve human health. Aida, in operation since March 1999, is headquartered in Hangzhou, China with manufacturing, distribution and sales points throughout mainland China. Aida is GMP certified in China and ISO9002 certified for quality assurance and ISO14000 certified for ecologically-friendly practices. Aida is now producing and marketing a patented prescription drug in China, Etimicin Sulfate. It is the first antibiotic developed in China and is regarded as a category "A" drug by the State Food and Drug Administration of China.
Aida Pharmaceuticals, Inc. 31 Dingjiang Road Jianggan District Hangzhou, China 310016 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on Aida Pharmaceuticals, Inc.'s management's current expectations and are subject to risks and uncertainties and changes in circumstances. All forward-looking statements included in this press release are based upon information available to Aida Pharmaceuticals, Inc. as of the date of the press release, and it assumes no obligation to update or alter its forward looking statements whether as a result of new information, future events or otherwise. These forward-looking statements may relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact. Further information on risks or other factors that could affect Aida Pharmaceuticals, Inc.'s results of operations are detailed in its filings with the United States Securities and Exchange Commission available at http://www.sec.gov.
Aida Pharmaceuticals, Inc.CONTACT: Investor Relations, Gary Geraci of Equity Performance Group forAida Pharmaceuticals, Inc., +1-617-723-2373, gary@equityperfgp.com
