FOSTER CITY, Calif.,
Feb. 1, 2016 /PRNewswire/
-- Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN)
("Aoxing Pharma"), a specialty pharmaceutical company focusing on
research, development, manufacturing, and distribution of narcotic,
pain-management, addiction treatment, psychiatric and weight loss
pharmaceuticals, today announced that Dr. James Chen has joined the Company as Chief
Financial Officer, effective as of February
1, 2016. Mr. Guoan Zhang, who
had served as Interim CFO, will continue to serve as Vice
President - Finance and Controller for the Company,
Before joining Aoxing Parma, Dr. Chen was the CFO of Origin
Agritech. At Origin, he successfully managed both operational and
finance functions, and helped Origin to weather one of the worst
years in the Chinese seed industry. He was instrumental in
bringing Origin's technologies to global cooperation programs and
in entering the seeds and traits market in the United States. Prior to working at Origin,
Dr. Chen served as an Investment Manager at the Abu Dhabi
Investment Authority (ADIA), the sovereign wealth fund owned by the
Government of Abu Dhabi. In his
investment manager capacity, Dr. Chen played a key role in managing
equity investment in China-related
portfolios. After joining ADIA in 2008, he contributed
significantly in setting up the China A-Share QFII Fund and
achieved consistent benchmark-beating performance from the Fund's
inception. Prior to ADIA, Dr. Chen spent over five years in
sell-side research, most recently as a Senior Research Analyst at
Morgan Joseph and previously at BB&T Capital Markets and
Fulcrum Global Partners. He was a member of an analyst team
top-rated by Institutional Investors Journal and Wall Street
Journal for collective coverage in such companies as Dow Chemicals,
Du Pont and Monsanto. Dr. Chen started his career at Univation
Technologies, a joint venture between ExxonMobil and Dow
Chemical.
"We're pleased to welcome James to our management team,"
commented Mr. Zhenjiang Yue, the
Chairman and CEO of Aoxing Pharma. "James brings with him extensive
experiences across corporate executive, investment management, and
investment banking equity research functions. His in-depth
knowledge of corporate finance will help Aoxing to advance to a new
level of growth, especially at this stage when key new narcotic
products are just about to be commercialized."
"I'm very excited to join Aoxing Pharma as it enters the stage
of transforming into a major narcotic pharmaceutical company in
China," said Dr. James Chen. "I
look forward to contributing to the growth of the Company."
Dr. Chen is a Chartered Financial Analyst. He received a
Bachelor's Degree from East China University of Science and
Technology and an M.B.A. from New York
University. Dr. Chen received his Ph.D. Degree in Chemical
Engineering from University of
Connecticut. Dr. Chen is currently a Director and the Chairman of the Audit
Committee of the Board of Directors of China Finance Online and the
Chairman of the Board of Supervisors of Linjiang Chemicals.
Aoxing Pharma has entered into a three year employment agreement
with Dr. James Chen. The agreement
provides for a grant of options to purchase 300,000 shares of
common stock at a price of $.71 per
share. Options for 100,000 shares will vest on each of the first
three anniversaries of the agreement. Dr. Chen will be paid a
salary of $330,000 per year. He is
entitled to choose to receive common stock in lieu of salary for
one or more periods of one, three or six months, with the shares
valued at market price at the beginning of the period..
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated
specialty pharmaceutical company with its operations in
China, specializing in research,
development, manufacturing and distribution of a variety of
narcotics and pain-management products. Headquartered in
Shijiazhuang City, outside
Beijing, Aoxing Pharma has the
largest and most advanced manufacturing facility in China for highly regulated narcotic medicines.
Its facility is one of the few GMP facilities licensed for the
manufacture of narcotic medicines by the China Food and Drug
Administration ("CFDA"). For more information, please visit:
www.aoxingpharma.com.
Safe Harbor Statement from Aoxing Pharmaceutical Company,
Inc.
Certain statements made in this press release are
forward-looking and are made pursuant to the safe harbor provisions
of the Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements. All
forward-looking statements included herein are based upon
information available to the Company as of the date hereof and,
except as is expressly required by the federal securities laws, the
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
changed circumstances or future events or for any other reason. To
the extent that any statements made here are not historical, these
statements are essentially forward-looking. Undue reliance should
not be placed on forward-looking information. The economic,
competitive, governmental, technological and other risk factors
identified in the Company's filings with the Securities and
Exchange Commission, specifically, Item 1A, "Risk Factors," in the
Form 10-K for the year ended June 30,
2015, may cause actual results or events to differ
materially from those described in the forward looking statements
in this press release. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
because of new information, future events, or otherwise.
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SOURCE Aoxing Pharmaceutical Company, Inc.