BEIJING, May 11, 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 the Company's Board of Directors
(the "Board") has appointed Chairman David
(Xiaoying) Gao to the additional position of Chief Executive
Officer, effective May 10, 2012. Mr.
Gao succeeds Mr. Colin (Chao Ming)
Zhao, who will continue to serve as the President of the
Company.
By assuming the CEO position, Mr. Gao has moved from
non-executive Chairman to executive Chairman of the Board of
Directors. In this connection, Mr. Gao has resigned from his posts
in the Company's Audit Committee, Compensation Committee, and
Governance and Nominating Committee, effective May 10, 2012. The Company plans to fill the
vacancy in the three Committees resulting from Mr. Gao's
resignation.
Mr. Colin Zhao, President, stated
"I am very pleased that David has agreed to take the position of
Chief Executive Officer to provide hands-on leadership and
execution of the Company's growth strategy. I believe he is
uniquely qualified for the task and I personally look forward to
working with him and helping the Company reach a higher level of
performance for the benefit of all our stakeholders. Since David
joined the Board as an independent director last October, he has
shown great passion in helping the Company sharpen its strategic
direction, corporate governance, investor relations, and other
critical aspects of its business. His passion has been coupled with
a strong commitment to execution and focus on achievements and
accountability."
"I am deeply honored by the confidence that the Board of
Directors have placed in me. I am thankful for the opportunity
having been provided to take China Biologic Products up to the next
level and I am excited by the substantial prospects in front of
us," said Mr. David Gao, Chairman
and CEO of China Biologic. "I want to personally thank Colin
for his leadership and accomplishments over the last five years,
and I look forward to benefit from his extensive knowledge of our
business and of the health care industry in China as he continues to play an important
role in our management team. China Biologic is an established
leader in China's plasma protein
therapeutics market thanks to the extensive talent that the Company
has developed over the years. Moving forward, I will be focused on
working with our management, employees, and partners to execute our
growth strategy and enhance shareholder value."
Prior to joining the Company, Mr. Gao served as the chief
executive officer and director of BMP Sunstone Corporation, a
company listed on NASDAQ, from February
2004 until its acquisition by Sanofi in February 2011. 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 the chairman of
the board of directors of Beijing Med-Pharm Co. Ltd. Between 2003
and 2004, Mr. Gao also served as the chairman and the chief
executive officer 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 as a vice
president and director for the integrated electronic system sector,
Asia-Pacific operation, from 1998
to 2002, a member of the management board of Motorola Asia Pacific
and the management board of Motorola Japan Ltd. from 2000 to 2002,
and a member of the management board of Motorola China 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 a M.B.A. from the
Massachusetts Institute of Technology.
He is 61 years old.
Mr. Gao joined the Company in 2011 and has served the Company in
a variety of roles, including most recently as the Chairman of the
Board of Directors, an independent Director, the Chairman of the
Compensation Committee, and a member of the Audit and Governance
and Nominating Committees.
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.