BEIJING, April 2, 2012 /PRNewswire-Asia-FirstCall/ --
China Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or
the "Company"), one of the leading plasma-based biopharmaceutical
companies in the People's Republic of
China, today announced that its Board of Directors has
adopted a series of measures to improve the Company's corporate
governance, especially to enhance the independence and transparency
of the Board.
The Board elected Mr. David (Xiaoying)
Gao as Chairman of the Board of Directors with effect on
March 30, 2012. Mr. Gao succeeds Ms.
Siu Ling Chan who served for more
than five years as China Biologic's Chairwoman. Ms. Chan will
remain as a Director on the Board.
In addition, the Board, in accordance with Article III of the
Company's Amended and Restated Bylaws, increased the size of the
Board from seven to nine directors. The Board intends to appoint
two additional independent directors to fill the vacancies created
by such increase. The Governance and Nominating Committee of the
Board is authorized to make recommendations to the Board regarding
independent director candidates.
Mr. Chao Ming (Colin) Zhao, China
Biologic's President & Chief Executive Officer, said, "We are
pleased to have Mr. David Gao as
China Biologic's Chairman of the Board of Directors. His extensive
experience in serving as chairman, CEO, and director of various
private and public companies has served us well since he joined the
Board in October 2011. We believe, as
the Chairman of the Board, Mr. Gao will provide us with strong
leadership, particularly in corporate governance, strategic
planning, investor and public relations, and leadership
development. We are very thankful for the service that Ms.
Siu Ling Chan has provided as China
Biologic's Chairwoman and are pleased that she will remain on the
Board."
Mr. Gao said, "I am honored to be elected as the Chairman of
China Biologic. I am convinced that as a leading plasma-based
biopharmaceutical company in China, China Biologic is strongly positioned
in the healthcare industry, an industry that presents one of the
most attractive growth opportunities in China in both the near term and long term. I
look forward to working with the Company's Board and management
team to grow our business and enhance the Company's value for
shareholders."
Mr. David (Xiaoying) Gao was
appointed as a Director of China Biologic on October 2, 2011 and was also appointed as a
member of the Audit Committee, the Compensation Committee, and the
Governance and Nominating Committee, and as the Chairman of the
Compensation Committee, all with effect on the same date. As
Chairman, Mr. Gao will continue to serve on those committees and to
chair the Compensation Committee.
From February 2004 until its
acquisition by Sanofi in February
2011, Mr. Gao served as the Chief Executive Officer and
director of BMP Sunstone Corporation, which was a company listed on
NASDAQ prior to the acquisition. Following the acquisition, Mr. Gao
served as a senior integration advisor for Sanofi from February to
August 2011. From February 2002
through February 2004, Mr. Gao served as Chairman of the
board of directors of Beijing Med-Pharm Co. Ltd. (BMP China).
Between 2003 and 2004, Mr. Gao also served as Chairman and CEO
of Abacus Investments Ltd, a private wealth management company.
From 1989 to 2002, Mr. Gao held various executive positions at
Motorola, Inc., a publicly traded company specializing in wireless,
broadband, and automotive communications technologies and embedded
electronic products, including Vice President and Director,
Integrated Electronic System Sector, Asia-Pacific operation, from 1998 to 2002;
Member, Motorola Asia Pacific Management Board, Management Board of
Motorola Japan Ltd., from 2000 to 2002; and Motorola China
Management Board from 1996 to 2002. Mr. Gao holds a B.S. in
Mechanical Engineering from the Beijing Institute of Technology, a
M.S. in Mechanical Engineering from Hanover University, Germany, and an M.B.A. from the Massachusetts Institute of Technology. He is 61
years old.
Also on March 30, 2012, the Board
of Directors appointed Mr. Ming Yang
as the Vice President-Finance & Compliance and Treasurer to be
in charge of financial management, internal controls, legal and
compliance matters, and the implementation of corporate governance
rules and policies and related decisions of the Board. Mr. Yang
will report to the Chief Executive Officer and the Audit Committee
and Governance and Nominating Committee of the Board.
Mr. Yang has six years of financial management experience in
corporations and eleven years of audit experience in accounting
firms. Mr. Yang has extensive experience in dealing with
China's tax regulations, People's
Republic of China GAAP, IFRS, and internal control matters. He was
an audit senior manager at KPMG, where he provided audit services
for initial public offerings, rights issues, and merger and
acquisition transactions. He also worked on the annual reports of
various public companies listed in Hong
Kong and mainland China.
His audit clients ranged from state-owned enterprises and Chinese
listed companies to multinational companies. Among his clients were
Angang Steel, China Shenhua Energy, BOE Technology, and BHP
Billiton. Before joining the accounting firms, Mr. Yang worked as
an accounting and finance manager for several Chinese companies.
Mr. Yang is a certified public accountant in China. He is 39 years old.
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 one
of the leading plasma-based biopharmaceutical companies in
China.
China Biologic 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
www.chinabiologic.com for additional information.
Safe harbor statement
This news release may contain certain "forward-looking
statements" relating to the business of China Biologic Products,
Inc. and its subsidiaries. All statements, other than statements of
historical fact included herein, are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects," or
similar expressions, and involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
involve assumptions, risks, and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including its potential inability to achieve the expected operating
and financial performance in 2012, potential inability to find
alternative sources of plasma, potential inability to increase
production at permitted sites, potential inability to mitigate the
financial consequences of a temporarily reduced raw plasma supply
through cost cutting or other efficiencies, and potential
additional regulatory restrictions on its operations and those
additional risks and uncertainties discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Company Contact
Mr. Ming Yin
Vice President - Business Development
China Biologic Products, Inc.
Telephone: +86 10 6598 3099
Email: ir@chinabiologic.com
www.chinabiologic.com
SOURCE China Biologic Products, Inc.