Aoxing Pharmaceutical Company Inc. Appoints Bob Ai as Chief Financial Officer

NEW YORK, NY--(Marketwire - February 01, 2011) - Aoxing Pharmaceutical Co., Inc. (NYSE Amex: AXN) (“Aoxing Pharma”), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, today announced that Bob Ai, Ph.D., has joined the Company as Chief Financial Officer, effective February 1, 2011. Mr. Ai joins Aoxing Pharma with an extensive scientific background and over a decade of experience as an investor and analyst for the healthcare space in the financial industry. He was most recently a partner at Merlin Nexus Group, in New York, NY, a crossover private equity firm investing in life science companies.

Bob Ai has over 10 years’ experience on Wall Street and an additional 15 years’ experience in scientific research and academia. Most recently as a partner at Merlin Nexus, Mr. Ai’s responsibilities included sourcing and evaluating potential investment ideas in the healthcare space. Prior to joining Merlin Nexus, Mr. Ai had varying roles as a healthcare analyst at Wall Street Access, Bennett Lawrence Asset Management, Merlin BioMed Group, Credit Suisse First Boston and Maverick Capital. Preceding his career in the financial industry, Mr. Ai spent 7 years at the University of Pennsylvania as a research associate and post-doctoral research scholar. He has published 9 articles in peer-reviewed international scientific journals. Mr. Ai has received numerous academic awards, including the prestigious Ray Wu study abroad scholarship. He has a Ph.D. from Pennsylvania State University in Molecular and Cell Biology. He also holds as a Masters in Business Administration from Pennsylvania State University.

“We are excited to welcome Mr. Ai to the management team here at Aoxing Pharma,” said Mr. Zhenjiang Yue, chairman and chief executive officer of Aoxing Pharma. “As we have improved our financial standing and secured several international collaborations over the past few years, including the joint venture signed last year with Macfarlan Smith, we know Mr. Ai’s financial and scientific expertise will serve the Company well.”

“I am thrilled to join the Aoxing Pharma team,” said Mr. Ai. “With a rich pipeline and multiple drug approvals anticipated in the next few years, along with its global partnerships making significant progress, I believe I am joining the Company at a very exciting time. I look forward to help Aoxing continue its growth.”

About Aoxing Pharmaceutical Company, Inc.

Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). It has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. It also has strategic alliance partnerships with QRxPharma, Phoenix PharmaLabs, Inc. and American Oriental Bioengineering, Inc. For more information, please visit: www.aoxingpharma.com.

Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc.

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. The economic, competitive, governmental, technological and other risk factors identified in the Company’s filings with the Securities and Exchange Commission, including the Form 10-K for the year ended June 30, 2010, 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.