GUANGZHOU, China, June 23 China MedicineCorporation (OTC Bulletin Board: CHME; "China Medicine" or "the Company"), aleading distributor and developer of ethical and over-the-counter drugs,traditional Chinese medicines (TCMs), nutritional and dietary supplements,medical devices, and medical formulations in the People's Republic ofChina (PRC), today announced it has successfully obtained the exclusive rightsto sell 2,300 products included in the Company's current catalogue.
The Company won the exclusive rights through an on-line bidding systemcalled the "Guangdong Sunshine Medicine Public Internet Bidding System." Thesystem was established in 2007 by the Guangdong government to help consolidatethe provincial medicine acquisition market and to promote a transparentbidding process. Among the 2,300 products that the Company has maintainedexclusive rights to sell, four were developed by China Medicine. They includeOzagrel, a powder-injection that is used for treatment of acute myocardialinfarction; Bumetanide, an injection used for treatment of diuretic andchronic kidney failure; Levocarnitine, an injection used for the treatment ofcoronary heart disease; and Ji Xue Gan Pian, a tablet which is used for thetreatment of cuts from surgery and skin disease.
"We are excited that we have bid against more than 1,700 medicinedistributors nationwide and have maintained the rights to sell over 2,300products that were already included in our product catalogue," said Mr.Senshan Yang, Chairman and CEO of China Medicine. "We will be selling ourproducts to hospitals throughout Guangdong Province through an online drugsales system."
China Medicine believes that securing and maintaining the rights to sellthe drugs previously included in its portfolio will help to increase revenuesgoing forward since the Company has already gone through the introductoryphase, which is typically a period of slower sales when new products areadvertised and marketed. With the introductory phase complete, the Company cannow focus more on promoting existing drugs thereby increasing sales volume.China Medicine maintains a strong reputation in the pharmaceutical industryand an extensive distribution network.
"China Medicine will continue to actively participate in the onlinebidding system in order to add more products to our portfolio," commented Mr.Yang. "We will also increase our research and development efforts in order toincrease our portfolio of self-developed drugs."
About China Medicine Corporation
China Medicine Corporation is a leading pharmaceutical company whichdiscovers and develops medical formulations and distributes over 2,200pharmaceutical products in China including prescription and over-the-counterdrugs, traditional Chinese medicine products, herbs and dietary supplements.The Company distributes the products to wholesale distributors in 28 provincesand to more than 300 hospitals, 500 medicine companies, and 1,788 drug storesthroughout China. The Company actively develops a number of proprietaryproducts for many uses including oncology, high blood pressure and the removalof toxins from food and animal feeds. For more information visit the Company'swebsite at http://www.chinamedicinecorp.com.
This press release contains forward-looking statements concerning theCompany's business and products. The Company's actual results may differmaterially depending on a number of risk factors including, but not limitedto, the following: general economic and business conditions, obtainingregulatory approval for new products, the expected contribution of highermargin products, government support for rural health care, competition fromexisting and new competitors, changes in technology, and various other factorsbeyond its control. All forward-looking statements are expressly qualified intheir entirety by this Cautionary Stateme