SAN DIEGO and HONG KONG, Feb. 14 /PRNewswire-FirstCall/ -- Guangzhou Bridgetech Medicines Company Limited (GBML), a Wholly Owned Foreign Enterprise (WOFE) of Bridgetech Holdings International, Inc. , received the Chinese government’s Certificate of Approval. This means that Bridgetech can independently import/export and distribute products under its own management, thus ensuring direct access to customers and quality of service at all levels of the supply chain, unlike the conventional way of relying on third party distributors.
The approval by the Chinese Ministry of Commerce allows GBML to operate for 30 years in China. According to Michael Chermak, Chairman and CEO of Bridgetech, the approval positions GBML to build a distribution network to assure that approved drugs and devices can reach target groups in the Chinese community. “This is a major milestone in the realization of Bridgetech’s mission to introduce world class healthcare products to China,” said Chermak.
In late 2006, Bridgetech successfully established two Contract Research Organizations (CRO) in Guangzhou and Hong Kong. The Guangzhou CRO WOFE has the license to submit applications to China State Food & Drug Administration (SFDA) for approval of drugs and medical devices. The Guangzhou CRO WOFE manages the integral regulatory component of the drugs and medical devices application process whereas the Hong Kong CRO, a joint venture with the Chinese University of Hong Kong (CUHK), manages the clinical trials component.
To forge these elements together Bridgetech has engaged Prof. Jean Hao as Technical Director of GBML. Prof. Hao graduated from the School of Pharmaceutical Sciences, Beijing Medical University and was Head of Sanofi-Aventis’ regulatory and corporate affairs prior to her retirement in December of 2005. “Prof. Hao possesses extensive regulatory experience from her work with foreign pharmaceutical companies in China including Rhone-Poulenc Rorer and Janssen,” said Chermak. Prof. Hao had also worked in the Institute for Drug Control and various Chinese hospitals and pharmaceutical companies.
About Bridgetech Holdings International, Inc.
Bridgetech is leveraging its extensive network of relationships in China and the U.S. to capitalize on the demand for Western healthcare in Greater China. The company is bringing emerging drugs, devices and diagnostics to Greater China, with an initial focus on oncology. For additional information, please visit www.bthi.com.
Forward-Looking Statements.
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Contacts: Media Relations: Vince Heald, Beck Ellman Heald - 858-453-9600 vheald@behmedia.com Investor Relations: Redwood Consultants, LLC - 415-884-0348
Bridgetech Holdings International, Inc.
CONTACT: Media Relations, Vince Heald of Beck Ellman Heald,+1-858-453-9600, vheald@behmedia.com; or Investor Relations, RedwoodConsultants, LLC, +1-415-884-0348, both for Bridgetech HoldingsInternational, Inc.
Web site: http://www.bthi.com/
