HANGZHOU, China, April 19 /PRNewswire/ -- Aida Pharmaceuticals, Inc. (OTC Bulletin Board: AIDA - News), one of mainland China’s leading pharmaceutical companies, today announced that the Company has agreed to purchase the remaining outstanding shares of Shanghai Qiaer Bio-Technology Co., Ltd. that the Company does not already own from Zhejiang Pharmaceutical Co., Ltd. Full details of the acquisition are available in the Company’s Form 8-K at http://www.sec.gov.
Under the terms of the agreement, Aida Pharmaceuticals will purchase an additional 45% of the outstanding shares of Shanghai Qiaer Bio-Technology for $495,650. Aida previously paid $561,324 as a deposit to purchase 55% of the outstanding shares of Shanghai Qiaer Bio-Technology; upon completion of this transaction, it is anticipated that Shanghai Qiaer Bio-Technology will become a wholly owned subsidiary of Aida, subject to future capital structure changes at Aida Pharmaceuticals. The Company anticipates closing the transaction at the end of June 2006.
Shanghai Qiaer Bio-Technology is a pharmaceutical company whose key product is rh-Apo21, a pioneering gene therapy drug used to treat certain forms of cancer. Rh-Apo21 is nearing the end of Phase I clinical trials, which are expected to be completed at the end of April 2006. Shanghai Qiaer Bio-Technology has applied for three patents from the Chinese government authority. One patent has been granted and the other two are currently in process.
“Gene therapy is the future of the pharmaceutical industry, holding the promise to treat some of the most difficult health problems facing the world today,” said Biao Jin, Aida’s chief executive officer. “We are pleased to be able to tier our pharmaceutical offerings to include antibiotics, cardiovascular, antineoplastic drugs and genetic drug therapies. The acquisition of Shanghai Qiaer Bio-Technology is an important step for Aida to solidify our entry into the rapidly growing field of genetic medicine both nationally and internationally.”
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, 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.
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, 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.
