Bio-Bridge Science Signs a Non-Binding MOU to form a Joint Venture in China
April 16 2008 - 7:29AM
Business Wire
Bio-Bridge Science, Inc. (OTCBB:BGES), a biotechnology company
engaged in the commercial development of vaccines for the
prevention and treatment of human infectious diseases announced
today that it has entered into a non-binding memorandum of
understanding (the "MOU") with JR Scientific, Inc., a Woodland,
California based manufacturer of classical and custom cell culture
medium and sera products ("JRS�) and Mr. Jan Baker, President and
CEO of JRS. Under the MOU, Bio-Bridge Science will form a joint
venture (the "JV") together with JRS and several other investors in
China. The JV is expected to mainly produce culture medium, serum,
and other biomaterial for sale in China and other countries under
the brand name of the JV. Cell culture medium and serum are used in
vaccine production as well as scientific research. JRS and Mr.
Baker as part of the MOU, agree to transfer technology and
�know-how� to the JV. The total investment for the JV is planned to
be around RMB 10 million (US about $1.4 million). Dr. Liang Qiao,
Chairman and CEO of Bio-Bridge said, �We are excited to work with
Mr. Baker, JRS, and other investors to form this JV. The JV will
fit into our strategic plan by providing a potential source of
revenue as well as vaccine material for our own vaccine research
and production.� Acquisition Update The acquisition of a majority
shareholding in Inner Mongolia Xinheng Baide Biotechnology Co.,
Ltd. reported in our 2007 fiscal year Form 10-KSB is proceeding.
Xinheng Baide is a bovine serum producer based in Inner Mongolia,
China. Bovine serum is used in vaccine production as well as
scientific research. Bio-Bridge Science is finalizing its due
diligence and expects to execute the definitive acquisition
agreement before the end of April 2008. The Xinheng Baide
acquisition is expected to provide Bio-Bridge with increasing
revenues in the future as the demand for bovine serum increases.
Beijing GMP Facility Completion Update Bio-Bridge signed a contract
in March of 2008 with a local electricity construction company and
the electricity construction work for Bio-Bridge�s GMP facility in
Tianzho (Beijing) is currently underway. Bio-Bridge projects that
the facility will be operational for producing vaccines for
clinical trial purposes in the second half of 2008. This press
release contains forward-looking statements. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying
assumptions and other statements that are other than statements of
historical facts. These statements are subject to uncertainties and
risks including, but not limited to, product and service demand and
acceptance, changes in technology, economic conditions, the impact
of competition and pricing, government regulation, and other risks
defined in this document and in statements filed from time to time
with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the company, are expressly qualified by
these cautionary statements and any other cautionary statements
which may accompany the forward-looking statements. In addition,
the company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof. Please refer to the Company's SEC filings for additional
information.
Bio Bridge Science (CE) (USOTC:BGES)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bio Bridge Science (CE) (USOTC:BGES)
Historical Stock Chart
From Jul 2023 to Jul 2024