AMDL Announces Closing of Jade Pharmaceutical Acquisition
September 28 2006 - 1:30AM
PR Newswire (US)
TUSTIN, Calif., Sept. 28 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), developer and marketer of tests for the early detection
of cancer and other serious diseases, announced today that the
acquisition of Jade Pharmaceutical Inc. (JPI) and its two wholly
owned China based subsidiaries for an aggregate of 2,743,000
post-reverse split (13,715,000 pre-reverse split) shares of AMDL
Common Stock. The JPI acquisition was closed on September 28, 2006,
immediately after the filing of a Certificate of Amendment to
AMDL's Certificate of Incorporation increasing AMDL's authorized
Common Stock and reverse splitting the outstanding shares of Common
Stock. The stockholders approved these proposals at the meeting
held on September 8, 2006. As a condition to the closing, Henry
Jia, a director of JPI and a principal of Jade Capital Group Ltd.,
the former sole stockholder of JPI, has joined AMDL's Board of
Directors. "JPI has already filed the application for the China
State Food and Drug Administration (SDFA) for approval to market
AMDL's cancer detection test DR-70(R) in China. There is a large
market for this test in China where cancer is a huge problem and
the sort of synergy this displays is what we will continue to
perform for our shareholders," said Gary Dreher, AMDL CEO. "This is
a particularly exiting time for AMDL," said Gary Dreher, AMDL's
CEO. "We are confident that together AMDL and JPI will obtain
clearance to market DR-70(R) from the Chinese SFDA, and we are
hopeful that the U.S. Food and Drug Administration will be
impressed with the data we have collected to support our
application for clearance to market DR-70(R) in the United States."
About AMDL AMDL, Inc. (AMEX:ADL), headquartered in Tustin,
California, is a theranostics company, involved in the detection
and treatment of the same disease, cancer. AMDL is the inventor,
developer and worldwide marketer through exclusive distribution
agreements of the DR-70(R) non-invasive cancer blood test, which
has demonstrated its ability to detect the presence in humans of up
to 14 cancers 84 percent of the time overall. In a study published
in the Journal of Immunoassay (1998, vol. 19, pp 63-72) DR-70(R)
was shown to detect at least 13 different types of cancer (lung,
breast, stomach, liver, colon, rectal, ovarian, esophageal,
cervical, trophoblastic, thyroid, malignant lymphoma, pancreatic)
although the sample size for 9 of the cancers was not statistically
significant. Clinical trials of DR-70(R) have been conducted in
Canada, China, Germany, Taiwan and Turkey. DR-70(R) can detect many
kinds of cancer using a single tube of blood, eliminating the need
for costly, multiple tests. AMDL also owns a combination immunogene
therapy technology that is a possible treatment for those already
diagnosed with cancer and could eventually be used as a vaccine to
protect patients known to be at risk because of a family history
for certain types of cancer. The combination therapy both builds
the body's immune system and destroys cancer cells. More
information about AMDL and its additional products can be obtained
at http://www.amdl.com/. About Jade Pharmaceutical: JPI has two
China based subsidiaries which are engaged in the research and
development of new pharmaceutical products and the manufacture and
sale of prescription and over the counter pharmaceuticals and
injectables. JPI recently received approval from the China State
Food and Drug Administration to market their drug Ondansetron(R)
(Ondansetron Hydrochloride Injection) to treat cancer patients
experiencing nausea for immediate use in hospitals and clinics in
the People's Republic of China. Forward-Looking Statements The
Company intends that the statements in this press release that are
not historical constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21 of the Securities Exchange Act of 1934, as amended
and are subject to numerous risks and uncertainties, including the
risks (i) that the transaction described may not be completed when
expected, or at all, (ii) the risk that the terms of the definitive
acquisition agreements may materially differ from that disclosed
herein, (iii) the risks related to the inability to obtain or meet
conditions imposed for, governmental and other approvals of the
transaction, including the approval by the stockholders of AMDL,
(iv) risks related to the uncertainty surrounding the transaction
and transactions of this type and (v) the costs related thereto. In
addition, these forward-looking statements are subject to the other
risks of AMDL's business, including, but not limited to, (a) AMDL's
failure to complete successfully the development of new or enhanced
products, (b) AMDL's future capital needs, (c) the lack of market
demand for any new or enhanced products that AMDL may develop, (d)
the lack of market acceptance of AMDL's products and its limited
revenues to date, (e) the success of competitive products, other
economic factors affecting AMDL and its markets, and (f) other
risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press
release in the event of new circumstances or unanticipated events
that may occur in the future. AMDL, Inc. Gary L. Dreher President
& CEO Contact (714) 505-4460 DATASOURCE: AMDL, Inc. CONTACT:
Gary L. Dreher, President & CEO of AMDL, Inc., +1-714-505-4460
Web site: http://www.amdl.com/
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