GUANGZHOU, China, April 15 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a developer and leading distributor of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines, nutritional and dietary-supplements, medical devices, and medical formulations in the People’s Republic of China (PRC), today announced it signed a two-year renewable agreement with Heilongjiang Liao Yuan Technology, Inc. ("Liao Yuan") for exclusive provincial-level rights to distribute Nianlianping in Guangdong province, with the exception of Foshan, Zhongshan, Dongguan areas and Guangzhou Military Hospital.
Nianlianping is a medical macrogol berberine solution used to restrain tissue from adhering to the lesion site after surgical operation. It is widely used in the prevention of surgical adhesions, which include ascites, joint effusion, pelvic fluid and pelvic inflammatory disease. It is also used to reduce tissue fluid exudation and antibiotic usage.
Compared to similar anti-adhesion drugs for surgical use in China’s pharmaceutical industry, this product is the only one of its type that can be stored under room temperature. The Company estimates that "Nianlianping" sales will reach approximately RMB30 million ($4.4 million) per year over the next three years, and believes that the sales will reach approximately RMB 50 million ($7.3 million) per year starting from the fifth year, provided that the two-year contract has been renewed.
"We are very excited to work together with Liao Yuan to distribute Nianlianping," said Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation. "With our current extensive distribution network and highly qualified sales personnel, we believe we have the competitive advantage it takes to reach our sales target for this product. We remain confident that Nianlianping will become one of China Medicine’s best selling products in coming years."
About China Medicine Corporation
China Medicine Corporation is a leading pharmaceutical company that discovers and develops medical formulations and distributes over 2,400 specifications of pharmaceutical products in China, including prescription and over the counter drugs, traditional Chinese medicine products, herbs and dietary-supplements. The Company distributes its products to wholesale distributors including more than 300 hospitals and 500 medicine companies that sell to 1,788 drug stores in 28 provinces throughout China. The Company actively develops a number of proprietary products for a variety of uses, including oncology, high blood pressure and the removal of toxins from food and animal feeds. For more information visit the Company’s website at http://www.chinamedicinecorp.com
Cautionary Statement
This press release contains forward-looking statements concerning the Company’s business and products. The Company’s actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, the expected contribution of higher margin products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company’s reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information, please contact:
China Medicine Corp
Ms. Huizhen Yu, CFO
Phone: +86-20-8739-1718
Email: konzern08@163.com
CCG Investor Relations Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
