LAIYANG, China, Aug. 16 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (Nasdaq: JGBO) (the "Company" or "Jiangbo"), today announced that the Company received approval from the Shandong Food and Drug Administration ("Shandong FDA") to start the sales of Felodipine sustained release ("SR") tablets.
After the Company received approval from the Chinese State Food and Drug Administration ("SFDA") to start producing Felodipine SR tablets in early June this year, Shandong FDA reviewed the Company's manufacturing equipment and capacity to produce Felodipine SR tablets, examined the final products from its pilot production and approved the sale of Felodipine SR tablets. Felodipine SR is a well recognized generic drug to treat hypertension and is listed in China's Basic Medical Insurance Catalog for medical coverage.
As the current market leader recently increased the selling price of its Felodipine SR tablets, many of its distributors have turned to Jiangbo and expressed their interest in building a cooperative relationship. Jiangbo has engaged ten major distributors to sell this product in a number of different regions throughout China and believes that its strong distribution network will enable it to expand its market share in Felodipine SR tablets, quickly.
"We are very excited to begin the commercial launch of Felodipine SR tablets, which we believe will be a key revenue and profit growth driver for us in the next few years. We estimate revenue potential for this drug to be between $8 million and $12 million in the first twelve months of launch with a projected gross margin of at least 70%," said Mr. Linxian Jin, CEO of Jiangbo. "We believe the addition of Felodipine SR tablets will enrich our product portfolio and will strengthen our competitive market position, while providing more cost effective new medicine to meet growing patient demand."
About Jiangbo Pharmaceuticals, Inc.
Jiangbo Pharmaceuticals is engaged in the research, development, production, marketing and sales of pharmaceutical products in China. The Company's operations are located in Eastern China in an Economic Development Zone in Laiyang City, Shandong Province. Jiangbo produces both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup) form. For additional information, please visit the Company's website ( http://www.jiangbopharma.com ).
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from anticipated or predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to execute its strategic plan. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
For more information, please contact:
Jiangbo Pharmaceuticals, Inc.
Ms. Elsa Sung, CFO
Phone: +1-954-903-9378 x2
Email: elsasung@jiangbo.com
Web: http:// www.jiangbopharma.com
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
Source: Jiangbo Pharmaceuticals, Inc.
