AXM Pharma Awarded 42 Drug Licenses by Chinese Government
NEWPORT BEACH, CA -- 11/15/2004 -- AXM Pharma, Inc. (AMEX: AXJ) announced today that the Company has received approval from Liaoning FDA and Central FDA for 42 licenses that AXM holds.
Beginning July 1, 2004, all pharmaceutical companies in China were required to obtain national drug approval licenses to manufacture each of their pharmaceutical products. In April 2004, AXM submitted applications to renew their licenses, however while pending approval, under law, AXM was not allowed to manufacture or sell any of their drugs. 42 of AXM’s pharmaceutical products have now been approved and the commencement of sales can begin.
“We are extremely pleased that we have received our licenses to begin manufacturing our key products. With our new state of the art GMP factory about to be complete and our national license approval, AXM is looking forward to an exciting and prosperous 2005,” said Madame Weishi Wang, Chairman of AXM Pharma.
AXM derived the majority of its revenue in 2003 from two key products that have now been approved. Two of the products approved are Asarone and Weifukang. Asarone, which is manufactured in tablet form, is indicated for bronchial infection and bronchial constriction (symptoms of upper respiratory infection). Weifukang is an antiseptic cream for cleansing acne and for relieving the symptoms of eczema, psoriasis and other skin irritations, such as contact dermatitis.
In addition to the 42 licenses granted, AXM acquired the rights to Qiyao, an adjunctive therapy for Type II diabetes; Tong Yang, an anti-fatigue functional food; Vitamin Range; and Whisper Feminine Hygiene Wash. AXM intends to manufacture, market and sell these products now that its licenses are approved and upon certification of their plant.
AXM Pharma Inc., http://www.axmpharma.com, through its wholly owned subsidiary, Werke Pharmaceuticals, Inc., is the 100% owner of AXM Pharma Shenyang, Inc. (“AXM Shenyang”), a Wholly Foreign Owned Enterprise (“WFOE”) under the laws of the People’s Republic of China. AXM Shenyang is located in the City of Shenyang, in the Province of Liaoning, China. AXM Shenyang and its predecessor company, Shenyang Tianwei Pharmaceutical Factory, Ltd. (“STPF”), has an operating history of approximately 10 years. AXM Shenyang historically has been a manufacturer and distributor of proprietary and generic pharmaceutical products, which include injectables, capsules, tablets, liquids and medicated skin products for export and domestic Chinese sales. AXM Shenyang is currently awaiting certification of its new factory. Approval of the factory certification is expected in the fourth quarter of 2004. For additional information on AXM Pharma Inc, please visit http://www.iccinfo.com or call Investor Communications Company, LLC at 708 447-6834.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company’s operations, markets, services, products and prices. With respect to AXM, except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, AXM’s extremely limited operating history, uncertainties related to the Company’s access to additional capital, competition and dependence on key management.
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