China Biologic Products Announces SFDA Approval for the Production of Cryoprecipitate and for the Clinical Trial of Human Prothr
April 30 2008 - 9:00AM
PR Newswire (US)
TAI'AN, Shandong, China, April 30 /Xinhua-PRNewswire-FirstCall/ --
China Biologic Products, Inc. (OTC:CBPO) (BULLETIN BOARD: CBPO)
("CBP," or "the Company"), one of the leading plasma-based
pharmaceutical companies in the People's Republic of China ("PRC"),
today announced that the Company received approval from the Chinese
State Food and Drug Administration ("SFDA") (1) to start the
production of Cryoprecipitate, or "cryo," a frozen blood product
prepared from plasma and (2) to commence clinical trial of its new
product -- Human Prothrombin Complex. Approval to Supply
Cryoprecipitate As a result of the approval, CBP is now one of only
four Cryoprecipitate suppliers in China. Pursuant to a February
2008 contract, between CBP and Green Cross China, CBP is obligated
to sell its Cryoprecipitate to Green Cross China for the use in the
production of Human Coagulation Factor VIII, a coagulation
treatment for hemophilia and massive hemorrhaging, in short supply
due to the recent severe shortage of plasma. The contract is
expected to generate over US$0.43 million in revenue. Because
Cryoprecipitate is extracted from plasma that would have been
discarded previously, management expects that the production of
Cryoprecipitate will increase the yield per unit volume of plasma
and increase CBP's profit margin. CBP also plans to continue its
own research and development of Human Coagulation Factor VIII. "We
are pleased to receive approval from the SFDA to produce
Cryoprecipitate," said Mr. Stanley Wong, the Company's CEO. "We
believe that this approval is a strong endorsement of our strategy
to focus on research and development of Human Coagulation Factor
VIII." Clinical Trial of Human Prothrombin Complex The Company also
announced SFDA approval to commence clinical trial of its new Human
Prothrombin Complex, a coagulant used to treat congenital bleeding
disorders. Management has commenced preparations for the clinical
study and expects to receive results within 8 months. If the
clinical study is successful, management expects to get SFDA
production approval for the product within a year after trial and
to launch the product in 2009. "We are pleased to receive approval
for the clinical trial of Human Prothrombin Complex," said Mr.
Stanley Wong, CEO of China Biologic. "Our approval is a significant
milestone in our research and development of plasma factor products
and reflection of our ongoing efforts to upgrade our product
portfolio." About China Biologic Products, Inc. Through its
indirect majority-owned subsidiary Shandong Taibang Biological
Products Co. Ltd., China Biologic Products, Inc. (the "Company"),
is principally engaged in the research, development, production and
manufacturing and sale of plasma-based biopharmaceutical products
to hospitals and other health care facilities in China. The
Company's human albumin products are mainly used to increase blood
volume and its immunoglobulin products are used for the treatment
and prevention of diseases. Safe Harbor Statement This release may
contain certain "forward-looking statements" relating to the
business of China Biologic Products, Inc. and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements," including
statements regarding: the ability of the Company to expand its list
of potential investors and increase its liquidity and visibility in
the market or otherwise achieve its commercial objectives; the
business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do 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 press 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 those 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. For more information, please contact: Company Contact:
Mr. Stanley Wong CEO China Biologic Products, Inc. Tel:
+86-538-6202306 Email: Investor Relations Contact: Mr. Crocker
Coulson President CCG Elite Investor Relations Tel: +1-646-213-1915
(NY office) Email: DATASOURCE: China Biologic Products, Inc.
CONTACT: Company Contact - Mr. Stanley Wong, CEO of China Biologic
Products, Inc., +86-538-6202306, or ; Investor Relations Contact -
Mr. Crocker Coulson, President of CCG Elite Investor Relations, +1-
646-213-1915 (NY office), or
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