HANGZHOU, China, Aug. 14 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. (OTC Bulletin Board: AIDA - News), one of mainland China’s leading pharmaceutical companies, today announced that the Company has completed its acquisition of the majority control of Shanghai Qiaer Bio-Technology Co., Ltd.
Mr. Jin Biao, Aida Pharmaceuticals’ Chairman, stated, “We are extremely pleased with this addition to Aida Pharmaceuticals’ list of subsidiaries. This acquisition positions Aida to maximize both the profitability of Qiaer, and to continue to direct its energy in the research and development of gene therapy drugs. The completion of Qiaer’s Phase I clinical trial of its Rh-Apo2L genetic drug makes this acquisition a great value not only to the Company but also for the people for whom the drug is expected to have positive, life sustaining results.”
Qiaer Bio-Technology’s flagship drug is Rh-Apo2L, a pioneering gene drug anticipated to treat various forms of cancer. The Rh-Apo2L Phase I clinical trial was recently completed, at which point certain contractual provisions allowed Shanghai Handsome Biotech Co., Ltd and Zhongtuo Times Investment Co., Ltd. to re-negotiate the price paid by Aida Pharmaceuticals for Qiaer Bio-Tech shares. Aida Pharmaceuticals management believes that because of recent Phase I regulatory progress of Rh-Apo2L, the acquisition of Qiaer Bio-Technology represents significant value for its shareholders.
Aida Pharmaceuticals will hold a press conference shortly to discuss the conclusion and positive results of Rh-Apo2L Phase I trials. The Company plans to apply for Phase II and Phase III clinical trials with the State Food and Drug Administration (SFDA) of China. Additionally, The Company reiterates its previous statement that it anticipates the completion of all clinical trials by the end of 2007 and expects that Rh-Apo2L will receive all regulatory approval needed for commercialization in 2008.
The Company previously announced its intention to purchase additional shares of Qiaer to become the majority shareholder in the Company. The Company is now announcing that it has acquired an additional 32.5% of Qiaer and now owns 77.5% of the total outstanding shares of the Company. In light of the close of the acquisition, the Chairman of Aida Pharmaceuticals, Mr. Jin Biao, was elected as the Board Chairman of Shanghai Qiaer Bio-Technology.
About Aida Pharmaceuticals:
Aida Pharmaceuticals is a product-focused pharmaceuticals company engaged in the formulation, clinical testing, registration, manufacture, sales and marketing of advanced pharmaceutical and genetic products in mainland China. The Company’s mission is to discover, develop and market meaningful new therapies that improve human health. Aida Pharmaceuticals, in operation since March 1999, is headquartered in Hangzhou, China with manufacturing, distribution and sales points throughout mainland China. Aida is GMP certified in China and ISO9002 certified for quality assurance and ISO14000 certified for ecologically-friendly practices. Aida is now producing and marketing a patented prescription drug in China: Etimicin Sulfate. It is the first antibiotic developed in China and is regarded as a category “A” drug by the State Food and Drug Administration of China.
About Shanghai Qiaer Bio-Technology Co., Ltd.:
Qiaer Bio-Tech was founded in 2001 and is located in the Zhangjiang Hi- tech development zone in Shanghai, China. Shanghai Qiaer Bio-Technology Co., Ltd. is a company engaged in the research, development and sales of pharmaceutical products and related services. Qiaer Bio-Technology’s flagship product is Rh-Apo2L, a pioneering genetic drug anticipated to treat various forms of cancer. Qiaer Bio-Tech has applied for three patents from the Chinese government authority, one of which has been granted with the other two currently in process.
Safe Harbor Statement:
Under the Private Securities Litigation Reform Act of 1995: This press release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on Aida Pharmaceuticals, Inc.'s management’s current expectations and are subject to risks and uncertainties and changes in circumstances. All forward-looking statements included in this press release are based upon information available to Aida Pharmaceuticals, Inc. as of the date of the press release, and it assumes no obligation to update or alter its forward looking statements whether as a result of new information, future events or otherwise. These forward-looking statements may relate to, among other things, plans and timing for the introduction or enhancement of our services and products, clinical trial results, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact. Further information on risks or other factors that could affect Aida Pharmaceuticals, Inc.'s results of operations is detailed in its filings with the United States Securities and Exchange Commission available at http://www.sec.gov.
Source: Aida Pharmaceuticals, Inc.
