BEIJING, Oct. 17, 2014 /PRNewswire/ -- China Biologic
Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a
leading fully integrated plasma-based biopharmaceutical company in
China, today announced that the
Company has received approval from the China Food and Drug
Administration (the "CFDA") for commercial manufacturing of human
prothrombin complex concentrate ("PCC") at its Shandong Taibang
facility. The CFDA inspected Shandong Taibang's new coagulation
factor production facility for Good Manufacturing Practices ("GMP")
compliance in June 2013 and is
expected to issue the GMP certificate before early December. The
Company expects to commence commercial production of PCC at its
Shandong Taibang facility immediately upon the receipt of the GMP
certificate.
PCC is used for the prophylaxis and treatment of congenital and
acquired clotting factor II, factor VII, factor IX or factor X
deficiencies, including those caused by hemophilia and other liver
diseases. Other indications for PCC include anticoagulant reversal
and vitamin K deficiency. The Company has already received CFDA
approval to commercially manufacture PCC at its Guizhou Taibang
facility and expects to commence commercial production in early
2015.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"We are delighted to receive approval from the CFDA to launch PCC
production. With production underway at both our Shandong Taibang
and Guizhou Taibang facilities, we are confident that we will be
able to meet the growing market demand for PCC. We anticipate that
the added production will contribute to our 2015 financial
performance as we continue to reinforce our industry
leadership."
About China Biologic Products, Inc.
China Biologic is a leading plasma-based biopharmaceutical
company in China. The Company's
products are used as critical therapies during medical emergencies
and for the prevention and treatment of life-threatening diseases
and immune-deficiency related diseases. China Biologic is
headquartered in Beijing and
manufactures over 20 different dosages of plasma-based products
through its indirect majority-owned subsidiaries, Shandong Taibang
Biological Products Co., Ltd. and Guizhou Taibang Biological
Products Co., Ltd. The Company also has an equity investment in
Xi'an Huitian Blood Products Co., Ltd. The Company sells its
products to hospitals and inoculation centers, as well as
distributors, in China. For
additional information, please see the Company's website,
www.chinabiologic.com.
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 "is expected to," "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
2014, 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.
Contact:
China Biologic Products, Inc.
Mr. Ming Yin
Senior Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com
SOURCE China Biologic Products, Inc.