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On April 22, 2010 the Shaanxi SFDA published on its website a notificationstating that the marketing language used in connection with severalpharmaceutical products sold in the province are not within approvedparameters. Biostar Pharmaceuticals' flagship Hepatitis B medicine Xin Aoxingwas included in that notification which cited Xin Aoxing for non-compliance ofpre-approved adverting content, use of patient images to denote productefficiency, and use of absolute language to suggest efficacy.
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The Company has made proper modifications to its sales and marketingmaterials and has accordingly received a new advertising approval for its XinAoxing from the Shaanxi SFDA on April 27, 2010.
The notification has not disrupted production or sales of Xin Aoxing andis not expected to have any impact on previously announced fiscal 2010 revenueand net income guidance.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly-owned subsidiary inChina, develops, manufactures and markets pharmaceutical products for avariety of diseases and conditions. The Company's most popular product is itsXin Ao Xing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine forchronic hepatitis B, a disease affecting approximately 10% of the Chinesepopulation. In addition to its hepatitis product, Biostar currentlymanufactures two broad-based OTC products and two prescription-basedpharmaceuticals. The Company has adopted international standards, holds onepatent and is in the process of applying for two patents.
Safe Harbor
Certain statements in this release concerning our future growth prospectsare forward-looking statements, within the meaning of Section 27A of the U.S.Securities Act of 1933, as amended, and Section 21E of the U.S. SecuritiesExchange Act of 1934, as amended, which involve a number of risks anduncertainties that could cause actual results to differ materially from thosein such forward-looking statements. The risks and uncertainties relating tothese statements include, but are not limited to, risks and uncertaintiesregarding the success of our investments, risks and uncertainties regardingfluctuations in earnings, our ability to sustain our previous levels ofprofitability including on account of our ability to manage growth, intensecompetition, wage increases in China, our ability to attract and retain highlyskilled professionals, time and cost overruns on fixed-price, fixed-time framecontracts, client concentration, our ability to successfully complete andintegrate potential acquisitions, withdrawal of governmental fiscal incentives,political instability and regional conflicts and legal restrictions on raisingcapital or acquiring companies outside China. Additional risks that couldaffect our future operating results are more fully described in our UnitedStates Securities and Exchange Commission filings including our S-1 dated June27, 2008, our 10-K for the year ended December 31, 2009, and other recentfilings. These filings are available at http://www.sec.gov . We may, from timeto time, make additional written and oral forward-looking statements,including statements contained in our filings with the Securities and ExchangeCommission and our reports to shareholders. We do not undertake to update anyforward-looking statements that may be made from time to time by or on ourbehalf.For further information, please contact: Company: Ms. Elaine Zhao, CFO Tel: +1-626-456-2789 Email: [email protected] Investors: John Mattio HC International, Inc. Tel: US +1-203-616-5144 Email: [email protected] Web: http://www.hcinternational.net
SOURCE Biostar Pharmaceuticals, Inc.
