BEIJING, Aug. 28, 2018 /PRNewswire/ -- China Biologic
Products Holdings, Inc. (NASDAQ: CBPO) ("China Biologic" or the
"Company"), a leading fully integrated plasma-based
biopharmaceutical company in China, today issued the following statement in
response to a lawsuit filed against the Company in the Cayman Islands by Mr. David (Xiaoying) Gao, the former Chairman and
CEO of the Company who was terminated for cause:
"We deeply regret that Mr. David
Gao, acting individually in his personal capacity, has
attempted to challenge the completion of the private placement that
was announced on August 24. The
Company is prepared to fend off meritless lawsuits like this and
will take actions to seek actual and punitive damages from Mr. Gao
in connection with his ill-intended lawsuit as well as any damages
caused by breaches of his employment agreement. The Company
continues to believe that the private placement transaction
referred to in the lawsuit is beneficial to shareholders, through
the additional capital and strategic partnerships which it will
result in. The Company understands that the investors involved
remain committed to the transaction, and, with their support, China
Biologic will be very well situated to acquire and develop the
leading technologies and assets that will help drive exceptional
shareholder value for the long term. The Company has closed
3,800,000 shares in the private placement and will close the
remaining in accordance with the transaction agreements."
About China Biologic Products Holdings, Inc.
China Biologic Products Holdings, Inc. (NASDAQ: CBPO) is a
leading fully integrated 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 dosage forms of plasma products through its indirect
majority-owned subsidiary, Shandong Taibang Biological Products
Co., Ltd. and its wholly owned subsidiary, 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, distributors and other healthcare
facilities 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
Holdings, 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 "intend,"
"believe," "expect," "are expected to," "will," 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, without
limitation, the completion of the private placement, the Company's
future business development and strategies, and those other 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 Holdings, Inc.
Mr. Ming Yin
Senior Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: +1-646-405-5191
E-mail: bill.zima@icrinc.com
For Media:
The Foote Group
Mr. Philip Lisio
Phone : +(86)13501166560
Email : phil@thefootegroup.com
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SOURCE China Biologic Products Holdings, Inc.