Tianyin Pharmaceutical Appoints Three New Independent Board Members
March 04 2008 - 8:30AM
PR Newswire (US)
Additions Bring Experience and Expertise in the Chinese
Pharmaceutical Industry, International Business Operations and
Finance CHENGDU, China, March 4 /Xinhua-PRNewswire-FirstCall/ --
Tianyin Pharmaceutical, Co., Inc., (OTC:VSCO) (BULLETIN BOARD:
VSCO) , a manufacturer and supplier of modernized traditional
Chinese medicine ("TCM") based in Chengdu, China, today announced
three new independent board members: Professor Zunjian Zhang,
Ph.D., Professor Jianping Hou, Ph.D. and Mr. James T. McCubbin, who
will serve along with Dr. Guoqing Jiang and Mr. Stewart Shiang Lor.
Dr. Guoqing Jiang, MD, the CEO, will serve as Chairman of the
Board. He led the group that purchased Tianyin Pharmaceutical in
2003 which, under his leadership, has become a leading traditional
Chinese medicine manufacturer and supplier in China. Prior to this,
Dr. Jiang served as CEO at Kelun Pharmaceutical Group from December
1996 to July 2003, where he built the company from inception to
become one of the leading producers of intravenous solution
products and distributor of traditional Chinese medicine products
and pharmaceuticals. Currently, Kelun is the world's largest
producer of intravenous solution products and one of China's
leading distributors of pharmaceutical and traditional Chinese
medicine products with revenues in excess of US$700 million
annually and has over 7,000 employees. Mr. Lor leverages over 20
years of experience in diverse disciplines, including corporate
management, manufacturing and operations, international trade,
corporate finance and investment, financial consulting, information
technology as well as sales and marketing. He co-founded Lorons
International Corporation, Powerbridge Technology Co., Ltd. and
Cmark Capital Co., Ltd. and served in various senior management
positions at several international and China based companies.
Professor Zunjian Zhang, Ph.D. is currently a graduate school
faculty advisor at China Pharmaceutical University. He is Executive
Director at the Center for Instrument Analysis and in charge of the
National Key Laboratory of Drug Quality Control and
Pharmacovigilance of Ministry of Education at the university. In
addition, he is a member of the Chinese Pharmacopoeia Commission
and a SFDA expert review committee member for new drugs and health
food products. He is also an expert review panel member at the
National Center for Drug Pricing Evaluation and the SFDA, Jiangsu
Province. Additionally, Professor Zhang serves as an editor for the
Journal of China Pharmaceutical University and Journal of Chinese
Traditional and Herbal Drugs. He is a principal investigator in
many national research projects and has published over 100
peer-reviewed research papers in prestigious journals both in the
PRC and internationally. Professor Jianping Hou, Ph.D. is currently
a graduate school faculty advisor at Shaanxi University of
Traditional Chinese Medicine. He has published dozens of
peer-reviewed research papers and participated in compiling and
editing a number of college textbooks regarding traditional Chinese
medicine. Professor Hou is a principal investigator in more than 10
national research projects and has received the scientific
achievement award from the State Administration of Traditional
Chinese Medicine. Additionally, Professor Hou is a SFDA expert
review committee member for new drugs and health food products and
an Executive Director at Shaanxi Pharmacological Society and the
Clinical Pharmacology Committee of Shaanxi Pharmaceutical
Association. Previously, Professor Hou served various senior
management positions at Sizhuang Research Institute of
Nutriceutics, Xikang Pharmaceutical Co., Ltd. and Sizhuang
Pharmaceutical Co., Ltd. He leverages a strong education
background, which includes his Bachelor of Pharmacy and Master's
degree in Pharmacology of Traditional Chinese Medicine from Shaanxi
University of Traditional Chinese Medicine. He earned his Ph.D.
degree in Pharmacology of Traditional Chinese Medicine from Beijing
University. Professor Hou also completed an EMBA training program
for top pharmaceutical executives at Beijing University. Mr. James
T. McCubbin will serve as the Company's Audit Committee Chairman.
Mr. McCubbin currently holds the positions of Vice President, Chief
Financial Officer, and Director at WidePoint Corporation
(AMEX:WYY). Previously, he held various senior financial management
positions with several companies in the financial and government
sectors. Mr. McCubbin is also a director and chairman of the audit
committee for Red Mile Entertainment, Inc., a developer, publisher,
and licensor of interactive entertainment software. Dr. Guoqing
Jiang, Chief Executive Officer of Tianyin, welcomed the new
independent board members, which were appointed by unanimous
consent. "These board members add experience and expertise in many
facets which will be essential to helping our company to stay
focused, attaining our stated growth objectives, while ensuring
strict financial controls and oversight is adequately in place.
Additionally, the intercultural skill set which several members
possess will be important as we further our relationship with the
US capital markets and our new institutional investors. These
additions also create a truly independent board which will enable
us to pursue a listing on a major exchange." About Tianyin
Pharmaceuticals Tianyin is a manufacturer and supplier of
modernized Traditional Chinese Medicine ("TCM") in China. It was
established in 1994 and acquired by the current management team in
August 2003. It has a comprehensive product portfolio of 34
modernized TCMs in the market, 22 of which are listed in the highly
selective National Medicine Catalog of the National Medical
Insurance Program. Tianyin owns and operates two GMP manufacturing
facilities and an R&D platform supported by leading Chinese
academic institutions. The Company has a pipeline of 51
pharmaceutical products pending approval. Tianyin has an extensive
nationwide distribution network throughout China with a sales force
of 523 salespeople. Tianyin is headquartered in Chengdu, Sichuan
Province with two manufacturing facilities and a total of 869
employees. Tianyin achieved revenue of $20.4 million and net income
of $3.95 million in FY2007 ending June 30, 2007. Safe Harbor
Statement The Statements which are not historical facts contained
in this press release are forward-looking statements that involve
certain risks and uncertainties including but not limited to risks
associated with the uncertainty of future financial results,
additional financing requirements, development of new products,
government approval processes, the impact of competitive products
or pricing, technological changes, the effect of economic
conditions and other uncertainties detailed in the Company's
filings with the Securities and Exchange Commission. For more
information, please contact: For the Company: Allen Tang, Ph.D.,
MBA, Assistant to the CEO Tel: China +86-158-2122-5642 Email:
Investors: HC International Alan Sheinwald Tel: US +1-914-669-0222
Email: DATASOURCE: Tianyin Pharmaceutical, Inc. CONTACT: Company
contact: Allen Tang, Ph.D., MBA, Assistant to the CEO of Tianyin
Pharmaceutical, Inc. at +86-1582-1225-642 or ; Investor Relations,
Alan Sheinwald, Partner, of HC International, at +1-914- 669-0222
or
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