China Aoxing Pharmaceutical Corp. Announces Product Launch Of Naloxone Hydrochloride
NEW YORK, Feb. 21 /PRNewswire-FirstCall/ -- China Aoxing Pharmaceutical Company, Inc. , a pharmaceutical company based in China that has developed a patented manufacturing process for a variety of generic analgesic drugs, including Oxycodone, Pholcodine, Naloxone, and Tilidine, today announced the product launch of Naloxone Hydrochloride ("Naloxone") in China. The Company is authorized by the China State Food and Drug Administration ("SFDA") to manufacture injectable Naloxone in four dosage strengths: 0.4mg(1ml), 1mg(1ml), 2mg(2ml) and 4mg(10ml). Through the Company's majority owned subsidiary, Hebei Aoxing Pharmaceutical Group, China Aoxing Pharmaceutical Company expects to distribute Naloxone in hospitals, health clinics and government depots throughout the country.
Naloxone is an opiate antagonist clinically indicated to reverse the effects of narcotic drugs used during surgery, and to treat illnesses, such as respiratory depression related to opioid overdose. It is also used to treat shock, alcohol poisoning as well as to diagnose narcotic drug addiction.
Zhenjiang Yue, China Aoxing's Chairman and Chief Executive Officer, commented, "We are delighted to reach this significant milestone in our Company's history. After five years of dedicated research and development, as well as collaboration with the China State Food and Drug Administration (SFDA), we now have entered our commercialization stage in a sector with significant growth opportunities and a very limited supply of products."
Zhenjiang continued, "China's central government completely controls the availability of Naloxone's raw materials. We are particularly excited about today's announcement because China Aoxing Pharmaceuticals is one of only several companies in all of China licensed to access that raw material supply, as well as manufacture and sell this important narcotic."
According to a report from the SFDA, only 22kg of Naloxone was made in China in 2005, generating sales of 1.25 billion RMB, or $156m USD. However, clinical demand for Naloxone was estimated at 118kg, with potential sales of 6.70 billion RMB (or $838m USD). The use of Naloxone is expected to increase at roughly 20% annually over the next five years, reflecting the increasing usage of opioid medicines in China.
About China Aoxing Pharmaceutical Group
Hebei Aoxing Pharmaceutical Group is a corporation organized under the laws of the People's Republic of China that has developed a patented manufacturing process for a variety of generic analgesic drugs, including Oxycodone, Pholcodine, Naloxone, and Tilidine. Hebei Aoxing is one of only a handful of companies in China to be granted the license to manufacture these drugs and is working closely with the Chinese government to assure their availability throughout China. China Aoxing Pharmaceutical Company acquired Hebei Aoxing in a reverse merger transaction in April of 2006.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. You are urged to read the Company's filings with the Securities and Exchange Commission, including, but not limited to, the risk factors contained therein. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
China Aoxing Pharmaceutical Company, Inc.
CONTACT: Dr. Hui Shao, Senior Vice President, China Aoxing Pharmaceutical,+1-201-420-1075; or Ashley Ammon MacFarlane & Bill Zima, IntegratedCorporate Relations, Inc., +1-203-682-8200