Advertisement
After the Company received approval from the Chinese State Food and DrugAdministration ("SFDA") to start producing Felodipine SR tablets in early Junethis year, Shandong FDA reviewed the Company's manufacturing equipment andcapacity to produce Felodipine SR tablets, examined the final products fromits pilot production and approved the sale of Felodipine SR tablets.Felodipine SR is a well recognized generic drug to treat hypertension and islisted in China's Basic Medical Insurance Catalog for medical coverage.
Advertisement
As the current market leader recently increased the selling price of itsFelodipine SR tablets, many of its distributors have turned to Jiangbo andexpressed their interest in building a cooperative relationship. Jiangbo hasengaged ten major distributors to sell this product in a number of differentregions throughout China and believes that its strong distribution networkwill enable it to expand its market share in Felodipine SR tablets, quickly.
"We are very excited to begin the commercial launch of Felodipine SRtablets, which we believe will be a key revenue and profit growth driver forus in the next few years. We estimate revenue potential for this drug to bebetween $8 million and $12 million in the first twelve months of launch with aprojected gross margin of at least 70%," said Mr. Linxian Jin, CEO of Jiangbo."We believe the addition of Felodipine SR tablets will enrich our productportfolio and will strengthen our competitive market position, while providingmore cost effective new medicine to meet growing patient demand."
About Jiangbo Pharmaceuticals, Inc.
Jiangbo Pharmaceuticals is engaged in the research, development,production, marketing and sales of pharmaceutical products in China. TheCompany's operations are located in Eastern China in an Economic DevelopmentZone in Laiyang City, Shandong Province. Jiangbo produces both western andChinese herbal-based medical drugs in tablet, capsule, granule, syrup andelectuary (sticky syrup) form. For additional information, please visit theCompany's website ( http://www.jiangbopharma.com ).
Safe Harbor Statement
Certain statements in this press release that are not historical facts are"forward-looking statements" within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Such statements are not guarantees of futureperformance and are subject to risks and uncertainties that could cause theCompany's actual results and financial position to differ materially fromthose included within the forward-looking statements. Forward-lookingstatements involve risks and uncertainties. Actual results may differmaterially from anticipated or predicted results, and reported results shouldnot be considered as an indication of future performance. The potential risksand uncertainties include, among others, the Company's ability to execute itsstrategic plan. More information about the potential factors that could affectthe Company's business and financial results is included in the Company'sfilings, available via the United States Securities and Exchange Commission.For more information, please contact: Jiangbo Pharmaceuticals, Inc. Ms. Elsa Sung, CFO Phone: +1-954-903-9378 x2 Email: [email protected] Web: http:// www.jiangbopharma.com CCG Investor Relations Mr. Crocker Coulson, President Phone: +1-646-213-1915 Email: [email protected] Web: http://www.ccgirasia.com
SOURCE Jiangbo Pharmaceuticals, Inc.
