JERSEY CITY, NJ / ACCESSWIRE / October 20, 2015 / Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN), a specialty pharmaceutical company, today announced that it received approval from the China FDA (CFDA) to authorize the company to begin research and development programs on four new controlled drugs, including two weight-reducing medicines and two stimulants expected to address significant healthcare markets
The CFDA granted the company approval to initiate R&D programs on Lorcaserin Hydrochloride tablets and Lorcaserin Hydrochloride API (active pharmaceutical ingredient), the weight-reducing drugs for overweight and obese patients, especially patients who are also suffering with Type 2 diabetes, high blood pressure or high cholesterol.
The other two drugs granted R&D approval by the CFDA are Caffeine tablets (for swallowing) and Caffeine buccal tablets (for dissolving in the mouth), for the management of mental fatigue, headache, and irritability associated conditions, as well as for prevention of central nervous system diseases such as Parkinson's disease, and for recovery from common mental fatigue or sleepiness.
Aoxing is the first company approved by the Chinese government to carry out R&D activities on these four drugs, none of which are sold as medications in China. Since such substances are classified by the CFDA as controlled medications, their R&D is controlled and restricted by the Chinese government. It is expected to complete the R&D process of the four new drugs by 2018, said the company.
Lorcaserin Hydrochloride in tablet form has been marketed in the U.S. as a pharmaceutical since 2012 but China currently has only one weight-reducing pharmaceutical drug, Orlistat, which is generally recognized as having only moderate weight control properties. Caffeine tablets are sold over the counter in the U.S. and many other nations but have not been sold in China.
"We are extremely excited to receive the authorization on these four important drug programs," said Aoxing chairman and chief executive officer Mr. Zhenjiang Yue. At least 10 percent of China's population, or about 140 million persons, he said, could be likely consumers of the company's Caffeine tablets, whose potential market in China could be several billion dollars.
In addition, said Mr. Yue, "as living standards in China have risen in recent years, more than 400 million Chinese citizens are now overweight, and a significant percentage of these could be candidates for treatment with Lorcaserin Hydrochloride."
The total current market potential in China for all weight-reducing products is about $70 billion, said the CEO.
"The pharmaceutical market in China for weight control and treatment of neurasthenia is, we believed, significantly underdeveloped," said Mr. Yue. "We therefore expect these products, once approved for sale, will greatly improve our company's value and enhance the foundation for our longterm development and profitability."
About the Company
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
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT:
Aoxing Pharmaceutical Company:
646-367-1747
investor.relations@aoxingpharma.com
or
Asia IR•PR
Jimmy Caplan, 512-329-9505
jimmy@asia-irpr.com
or
Media Relations:
Asia IR•PR
Rick Eisenberg, 212-496-6828
rick@asia-irpr.com
SOURCE: Aoxing Pharmaceutical Company
