JERSEY CITY, N.J., Dec. 10, 2015 /PRNewswire/ -- Aoxing
Pharmaceutical Company, Inc. (NYSE MKT: 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 its
Chinese subsidiary has been selected by the government of the
City of Shanghai to supply
Zhongtongan, its flagship pain management product, to the health
insurance system of Shanghai City.
Aoxing Pharma will commence deliveries to Shanghai in the near future.
According to the 2015 Blue Book of Chinese Pharmaceutical Market
Development issued by the research institute of the China Food and
Drug Administration (CFDA), Zhongtongan was ranked 9th among
pharmaceutical products used in China for the treatment of musculoskeletal
system diseases, with a market share of 1.96%. Zhongtongan has been
shown to be effective in managing pain due to osteoarthritis, oral
ulcers and dental pain.
There are now over 130 million residents of China who are over 65 years of age. Among that
population, mild to severe symptoms of osteoarthritis are common.
The aging of the Chinese population has led to an increase in
demand for pain management drugs effective in alleviating the
symptoms of osteoarthritis, bone hyperplasia, and cervical
vertebrae problems.
"We are delighted by the Shanghai government's decision to utilize our
product in serving its population. We expect the sales of our
products in Shanghai to grow by
35% in 2016 than that of the previous year. We also expect
other local and provincial governments will follow the lead of
Shanghai, and we intend to be
active in pursuing these opportunities in our targeted markets in
the coming months," commented Mr. Zhenjiang
Yue, the Chairman and CEO of Aoxing Pharma.
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 Pharma 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.
Safe Harbor Statement from Aoxing Pharmaceutical Company,
Inc.
Certain statements made in this press release are
forward-looking and are made pursuant to the safe harbor provisions
of the Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements. All
forward-looking statements included herein are based upon
information available to the Company as of the date hereof and,
except as is expressly required by the federal securities laws, the
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
changed circumstances or future events or for any other reason. To
the extent that any statements made here are not historical, these
statements are essentially forward-looking. Undue reliance should
not be placed on forward-looking information. The economic,
competitive, governmental, technological and other risk factors
identified in the Company's filings with the Securities and
Exchange Commission, specifically, Item 1A, "Risk Factors," in the
Form 10-K for the year ended June 30,
2015, may cause actual results or events to differ
materially from those described in the forward looking statements
in this press release. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
because of new information, future events, or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aoxing-pharma-selected-to-supply-zhongtongan-to-the-insurance-system-for-the-city-of-shanghai-300191086.html
SOURCE Aoxing Pharmaceutical Company, Inc.
