Simcere Pharmaceutical Group Announces Jiangsu Yanshen's Voluntary Suspension of Production
Published: Dec 02, 2009
NANJING, China, Dec. 2 /PRNewswire-Asia/ -- Simcere Pharmaceutical Group, a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, today reported that its subsidiary Jiangsu Yanshen Biological Technology Stock Co., Ltd. ("Jiangsu Yanshen") has suspended production of all its products in order to conduct an internal inspection and improve its quality control systems.
After obtaining a controlling stake in Jiangsu Yanshen on October 24, 2009, Simcere discovered quality control problems relating to the production of Yanshen's human-use rabies vaccine (vero cell). On November 23, 2009, Simcere urged the board of Jiangsu Yanshen to replace its general manager and head of quality assurance and demanded the company implement a total suspension of production effective on November 30, 2009 in order to facilitate internal inspection and rectification of its quality control systems. Jiangsu Yanshen reported the suspension to the relevant regulatory authorities and is actively coordinating with them on the matter.
Mr. Jinsheng Ren, Chairman and Chief Executive Officer of Simcere Pharmaceutical Group, commented: "The safety of our patients and customers has always been our priority and we have consistently worked to implement GMP management guidelines. The voluntary suspension of production at Jiangsu Yanshen as we implement an improved quality control system is consistent with our operating procedure for quality management."
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions. In particular, the quotations from management in this press release and the section under "Financial Outlook" contain forward-looking statements. These forward looking statements are based upon management's current views and expectations with respect to future events and are not a guarantee of future performance. Furthermore, these statements are, by their nature, subject to a number of risks and uncertainties that could cause actual performance and results to differ materially from those discussed in the forward-looking statements as a result of a number of factors. Further information regarding these and other risks is included in Simcere's filings with the U.S. Securities and Exchange Commission at www.sec.gov. Simcere does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group (NYSE:SCR - News, Simcere - News) is a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China. In recent years, Simcere has been focusing its strategy on the development of innovative pharmaceuticals and first-to-market generics, and has introduced an innovative anti-cancer medication Endu, a first-to-market medication Sinofuan, and first-to-market generics such as Bicun and Anxin. Simcere manufactures and sells antibiotics, anti-cancer medication stroke management medication and biopharmaceutical drugs such as vaccines. Simcere concentrates its research and development efforts on the treatment of diseases with high incidence and/or mortality rates and for which there is a clear demand for more effective pharmacotherapy such as cancer, strokes, orthopaedics and infectious diseases. For more information about Simcere Pharmaceutical Group, please visit http://www.simcere.com .
For more information, please contact:
Investor and Media Contacts: Email: firstname.lastname@example.org
In Nanjing: Frank Zhao Chief Financial Officer Simcere Pharmaceutical Group Tel: +86-25-8556-6666 ext 8818
In Beijing: Ruirui Jiang Brunswick Group Tel: +86-10-6566-2256
In the United States: Kate Tellier Brunswick Group Tel: +1-212-333-3810
In Hong Kong: Joseph Lo Chi-Lun Brunswick Group Tel: +852-3512-5000