Aida Pharmaceuticals, Inc. Wins Lawsuit Against Counterfeit Drug Suppliers
HANGZHOU, China, Feb. 1 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. , one of mainland China's leading pharmaceutical companies, today announced the Company has won an infringement lawsuit against four counterfeit drug suppliers of the transfusion form of Etimicin Sulfate, Aida Pharmaceuticals' patented antibiotic.
The ruling was handed down by the Intermediate Court of Hainan and demands that the four companies terminate all manufacturing, marketing and promotional activities of the counterfeit transfusion form of Etimicin Sulfate. Additionally, the companies must destroy all remaining counterfeit products in stock and all marketing material in circulation, including any collateral on the Internet, issue a statement of apology to Hainan Aike Pharmaceutical Co., Ltd, one of Aida's subsidiaries, and compensate Aike US$77,180 (RMB 600,000).
Aida Pharmaceuticals filed the legal action against four counterfeit drug suppliers at the end of 2005, as the perpetrators' actions were adversely impacting Aida's financial performance and undermining the Company's distribution rights. In early 2006, the defendants applied with the State Intellectual Property Office of the People's Republic of China (SIPO) for the invalidation of the Patent of Etimicin Sulfate, under which the Aida Pharmaceuticals' subsidiary, Hainan Aike Pharmaceutical, was granted the exclusive production rights of the powder and transfusion forms of Etimicin Sulfate. SIPO refused the request by the defendant, rejected their related claims, and reconfirmed the validity of Aike's patent through 2013.
Mr. Jin Biao, Chairman and CEO of Aida stated, "With approximately 80% of current revenues derived from Etimicin, it is a very favorable judgment and we are extremely pleased that our courts are taking decisive and definitive action to punish and desist the action of these counterfeiters. As we continue to market and commercialize new drugs in the coming years, I believe our shareholders will continue to benefit from our unique relationship with the Chinese government authorities, including The State Intellectual Property Office, in terms of ensuring future patent protection and the upholding our legal rights."
Mr. Jin continued, "These collective developments should also support Aida's previously announced goal of growing Etimicin sales by 25% per year on average for the next several years, while significantly reducing the downward margin pressure previously caused by these counterfeit products. We believe that our Etimicin growth projections are conservative in nature and potentially subject to future upward revisions."
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 Pharmaceuticals, 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.
Contact Information: Company: Aida Pharmaceuticals, Inc. 31 Dingjiang Road Jianggan District Hangzhou, China 310016 http://www.aidapharma.com Investor Relations: Equity Performance Group Bethany Tomich (617) 723-1465 Bethany@equityperfgp.comwww.equityperformancegroup.com 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, clinical trial results, 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 is detailed in its filings with the United States Securities and Exchange Commission available at http://www.sec.gov.
Aida Pharmaceuticals, Inc.CONTACT: Investor Relations: Bethany Tomich of Equity Performance Group,+1-617-723-1465, or Bethany@equityperfgp.com
Web site: http://www.aidapharma.com/