JERSEY CITY, NJ / CRWEPRESSRELEASE / September 10, 2015 / Aoxing Pharmaceutical Company, Inc. (NYSEMKT: AXN) (“Aoxing Pharma”), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, today announced that the Company has entered into a cooperative agreement with Shijiazhuang Zhongtian Medical Company (“Zhongtian Medical”), a pharmaceutical products distributor in China.
Recently the Chinese government gave GMP certification to the pill production facilities of Hebei Aoxing, the Chinese subsidiary of Aoxing Pharma. This certification will enable Hebei Aoxing to initiate production of 84 over-the-counter pill medicines that it acquired in 2008, when it purchased Shijiazhuang Lerentang Pharmaceutical Company Limited. To achieve an effective and efficient entry into such a broad market, Hebei Aoxing has joined forces with Zhongtian Medical. Their cooperative agreement has a term of 12 years. Hebei Aoxing holds a 51% stake in the venture, while Zhongtian Medical holds 49%. Hebei Aoxing and Zhongtian Medical will provide funding. Expenses of the venture, primarily equipment, raw materials and labor, will be allocated based on share of ownership.
“I am excited about Hebei Aoxing’s new association with Zhongtian Medical,” said Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma. “Our 84 pill production licenses give us entree to a wide market, which Zhongtian Medical can exploit through its access to an extensive network of hospital and pharmacy sales channels across the country. We will begin production and marketing in September, 2015.”
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China Food and Drug Administration (“CFDA”). For more information, please visit: www.aoxingpharma.com.
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SOURCE:Aoxing Pharmaceutical Company, Inc.