JILIN, China, Jan. 13 /Xinhua-PRNewswire/ --Global Pharmatech, Inc. announced today that its wholly-owned subsidiary, Natural Pharmatech (Jilin) Co. Ltd., has signed a contract with Chengdu Kanghong Pharmaceuticals to transfer its independently developed State Class V new drug, Zao Jiao Tong Luo Capsules to Kanghong. Global Pharmatech develops, manufactures and markets proprietary drugs and nutritional supplements that are based on modernized Chinese medicine and bio-pharmacy. Through its subsidiaries, Global Pharmatech combines R&D of botanical drug products, manufacturing, and sales and marketing for the Over-the-Counter (OTC) and prescription drug markets.
The transfer contract amounts to USD$420,000 with USD$123,000 in the initial payment. The transfer involves:
1. All pre-clinical research results on Class V new drug Zao Jiao Tong Luo Capsules, the clinical trial application and all supporting documents and the approval document for clinical trial; 2. The patent on methodology to extract tri-menthane acid from Zao Jiao, and its medical application and Chinese medicine formulation, (patent number: 02109825.5, the date of the patent application is May 22, 2005, the patent is valid for 20 years from the date of the application); 3. The patent on Cinangsuan’s method for manufacturing procedure, drug product formulation and its new medical efficacy, (patent number: 03100676.0, the date of the patent application is January 21, 2003, the patent is valid for 20 years from the date of the application).
The research on Class V new drug Zao Jia Tong Luo capsules has been awarded as innovative venture by the Ministry of Science and Technology. It has also been selected as a Provincial Science Development Funding Project by the Department of Science and Technology of Jilin Province. This research project has 2 patents applications within China.
Dr. Xiaobo Sun, President and CEO of Global Pharmatech, stated: “We are very pleased to see that our strong R&D focus continues to show positive results. This drug is extracted from one singular botanical, so the content can be clearly identified. It is safe and shows effectiveness on preventing and treating coronary heart disease and other cardiovascular diseases. There are many Traditional Chinese Medicine drugs for coronary heart disease in the market, however, not many of them have the effective extractions and efficacy. The efficacy experiment shows that this drug is very effective in preventing and treating coronary heart disease.”
ABOUT GLOBAL PHARMATECH
Global Pharmatech, through its subsidiaries, develops, manufactures and markets proprietary drugs that are based on Traditional Chinese Medicine using modern facilities and advanced R&D technologies. The company offers a full range of “start to finish” biotech services, from research and testing to manufacture and sale of liquid and solid dose products employing unique proprietary extraction methods, and also licenses patents and technologies for botanical/biological drug products. Global Pharmatech’s operations are currently based in the People’s Republic of China with sales distribution in China, Malaysia, Singapore and Indonesia.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including our ability to successfully develop and commercialize products, competitive products in our key markets, changes in consumer demand for our products, legislative, regulatory and competitive developments and general economic conditions. Our SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Contact: Zhuojun Li Investor Relations Global Pharmatech, Inc. Tel: (905) 787-8225 Fax: (905) 787-9711 Email: zhuojunli@global-pharmatech.com
Global Pharmatech, Inc.
CONTACT: Zhuojun Li, Investor Relations of Global Pharmatech, Inc.,+1-905-787-8225, Fax, +1-905-787-9711, zhuojunli@global-pharmatech.com