NEW YORK, March 22 /PRNewswire-FirstCall/ -- China Aoxing Pharmaceutical Company, Inc. , one of the first nongovernmental enterprises to enter the analgesic industry in China, announced today that it has significantly enhanced the composition of its Board of Directors. China Aoxing appointed three new independent directors: Richard Wm Talley, Joseph J. Levinson and Zhongshun Qiao. In addition, the Company appointed Dr. Hui Shao, PhD, CFA, currently the Senior Vice President of Finance at the Company, to the Board. The new board directors bring decades of experience in the healthcare, investment banking and accounting industries from both the U.S. and China.
“We welcome our new board directors to China Aoxing and look forward to building on their proven careers in the U.S. capital markets and the healthcare, pharmaceutical and accounting industries in the U.S. and China,” stated Zhengjiang Yue, China Aoxing Chairman and CEO. “Their extensive experience will provide critical strategic direction for us as we continue to grow our business.”
Mr. Richard Wm Talley is Principal of Talley & Company, a U.S. based investment banking firm. He has extensive experience in the U.S. capital markets and healthcare investments. Mr. Talley led many investment banking transactions including capital raising for Miravant, a photo-dynamic cancer therapy company which ultimately listed on NASDAQ with a value of $1.2 billion, and the start-up and subsequent sale of Nusil Corporation to Union Carbide Corporation. From 1986 to 1988 Mr. Talley served as Chairman of the Audit Committee for Inamed Corporation. The Company’s share price changed from $4.00 per share to $75.00 per share during Mr. Talley’s tenure on the Board. In 1983, Mr. Talley raised significant equity for Immulok Corporation, which was sold after 19 months to Johnson and Johnson for a price resulting in a five-fold return for investors. Mr. Talley earned an M.B.A. in Finance from Cornell University and a B.A. in European History from University of California, Santa Barbara, CA. He began his investment banking career with Smith Barney in 1970.
Mr. Joseph J. Levinson, CPA, brings to China Aoxing over 11 years of accounting and auditing experience as well as a particular focus on accounting and auditing Chinese companies. In the last 5 years, Mr. Levinson has held senior positions in various Chinese companies, including his most recent roles as CFO of a China-based media company, a consultant for various Chinese companies seeking to list overseas, and as the CFO of Global Pharmatech, a Chinese pharmaceutical company. Prior to this he was a manager at Deloitte and Touche and also worked at KPMG. He completed his Bachelor degree at State University of New York at Buffalo with double majors in Accounting and Finance in 1994.
Mr. Zhongshun Qiao is Chairman and General Manager of Hebei Hongxin Zhbiao Co., Ltd. From 1992 to 1999, Mr. Qiao served as the Vice Chairman of the Hebei Province Planning Commission overseeing Investment and Construction projects sponsored by Hebei Province Government. Prior to this, Mr. Qiao was president of Hebei Province Engineering Consulting Institute. Mr. Zhongshun earned his Bachelor degree in Engineering from Hebei Civil Engineering University in 1959.
Dr. Hui Shao, Ph.D., CFA, joined the Company in 2007 as the Senior Vice President of Finance. He brings to the Company over ten years of experience in various aspects of the pharmaceutical industry including his role as Principal Scientist of Roche Pharmaceuticals in Nutley, New Jersey. Since 2003 he has been a healthcare analyst at Mehta Partners LLC, and most recently, at Kamunting Street Asset Management, both hedge funds based in New York, New York. Dr. Shao earned an M.B.A. in Finance and Accounting from New York University and a Ph.D. in Organic Chemistry from University of California, San Diego, as well as graduated from University of Science and Technology of China with a B.S. in Polymer Chemistry.
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.
China Aoxing Pharmaceutical Group
CONTACT: Ashley Ammon MacFarlane and Bill Zima, of Integrated CorporateRelations, Inc., +1-203-682-8200, for China Aoxing Pharmaceutical Group
