TAI'AN, China, July 13, 2011 /PRNewswire-Asia-FirstCall/ --
China Biologic Products, Inc. (NASDAQ: CBPO) ("China Biologic," or
the "Company"), a leading plasma-based biopharmaceutical company in
China, today announced that the
Company has received oral notification from the Guizhou Provincial
Health Department that the Guizhou Provincial Government has
suspended the implementation of its recently issued "Plan for
Guizhou Provincial Blood Collection Institutional Setting
(2011-2014)" (the "Plan"). The Company also was asked to return its
copy of the Plan to the Guizhou Provincial Health Department.
It is currently not clear what further action the Guizhou
Provincial Government may take, including, among other things,
revising the Plan, implementing the Plan, or revoking the Plan, and
whether the Plan, if implemented, would cause no closures, fewer
closures, or more closures of plasma collection stations located in
Guizhou Province.
China Biologic's 54% indirectly owned subsidiary, Guizhou
Taibang Biological Technologies Co., Ltd., currently has 6 active
plasma collection stations in the Guizhou
Province. Among those 6 active stations, 3 are located in
the counties included in the original Plan that would permit plasma
collection stations (Pu Ding, Huang
Ping, and Na Yong) and 3 are
located in the counties that are not included in the original Plan
(Dan Zhai, Wei Ning, and San Sui). The licenses for all 6
active plasma collection stations will expire at the end of
July 2011.
About China Biologic Products, Inc.
China Biologic Products, Inc., through its indirect
majority-owned subsidiaries, Shandong Taibang Biological Products
Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd., and
its equity investment in Xi'an Huitian Blood Products Co., Ltd., is
currently one of the leading plasma-based biopharmaceutical
companies in China.
The Company is a fully integrated biologic products company with
plasma collection, production and manufacturing, research and
development, and commercial operations. The Company's plasma-based
biopharmaceutical products are irreplaceable during medical
emergencies and are used for the prevention and treatment of
various diseases. The Company sells its products to hospitals and
other healthcare facilities in China. Please see the Company's website at
www.chinabiologic.com for additional information.
Safe Harbor Statement
This news release includes forward-looking statements including,
among others, those concerning the implementation of the Plan,
further actions to be taken by the Guizhou Provincial Government
and its expected effect on our financial performance, business
operations, as well as all assumptions, expectations, predictions,
intentions, or beliefs about future events. Forward-looking
statements can in some cases be identified by the use of
forward-looking terminology such as "anticipates," "believes,"
"expects," "should," "will," or similar expressions. Factors that
could cause actual results to differ materially from our
forward-looking statements include potential closure of part or all
of our plasma collection stations in Guizhou Province, our potential inability to
find alternative sources of plasma, potential inability to pass
inspection and obtain relicensing of these plasma collection
stations at permitted sites, if any, potential inability to
increase production at permitted sites, if any, potential inability
to mitigate the financial consequences through cost cutting or
other efficiencies, and potential addition regulatory restrictions
on our operations. For a description of additional risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this news release, see our
most recent Annual Report on Form 10-K filed with the Securities
and Exchange Commission ("SEC"), and our subsequent SEC filings.
Copies of filings made with the SEC are available through the
Company's website at www.chinabiologic.com and through SEC's
website at www.sec.gov. Future business decisions are subject to
change and the Company does not undertake to update the
forward-looking statements contained in this news release except as
required by law.
Company
contact:
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Mr. Y. Tristan
Kuo
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Chief Financial
Officer
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China Biologic Products,
Inc.
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Telephone: +86 53 8620
2206
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Email: IR@chinabiologic.com
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www.chinabiologic.com
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SOURCE China Biologic Products, Inc.