GUANGZHOU, China, Dec. 5 /Xinhua-PRNewswire/ -- China Medicine Corp, Inc. (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading distributor of prescription and over-the-counter drugs, traditional pharmaceutical and Chinese medicines, herbs and dietary supplements, today announced that it has retained CCG Elite to design and execute its investor relations campaign.
China Medicine sells and distributes more than 2,200 different pharmaceutical products through its nationwide distribution network covering hospitals, medical product wholesalers and retail drug stores in the People's Republic of China (the "PRC"). The Company owns nationwide exclusive distribution rights to seven products throughout the PRC, which accounted for 24% of sales in the first nine months of 2007, including Iopamidol injection, Panax Notoginseng Saponin, Bumetanide injection, Ozagrel dried powder injection, Levocarnitine dried powder injection, Chuanbei Pipa anticough syrup and Fengduoxin. China Medicine generated revenues of $25.9 million and net income of $4.1 million in the first nine months of 2007, up 68.0% and 72.5%, respectively, from the same period of 2006.
"We look forward to collaborating with CCG Elite to raise our visibility in both the investment community and with the financial media as we seek to become a premier medical distribution and research-driven pharmaceutical company in China," said Mr. Senshan Yang, the Company's CEO.
China Medicine is actively building a pipeline of proprietary traditional and Chinese herbal remedy products targeting oncology, high blood pressure and the removal of aflatoxins from food and animal feed. The Company purchases the rights to early-stage drug formulas and leverages its research and development capabilities to improve the drug formulas prior to commercialization. China Medicine currently holds patents on manufacturing processes and ingredients for two drugs with the State Intellectual Property Bureau in China, with five patents pending.
Recently, the Company's Aflatoxin-detoxifizyme (ADTZ) project developed by Guangzhou Co-win Bioengineering Co., Ltd., a 70% subsidiary of China Medicine, was one of six projects selected by the Education Department of Guangdong Province to receive financial and other support from the provincial and local governments to expedite commercialization of projects seen as having the potential to generate long-term benefits for the people of Guangdong.
"China Medicine is a leading pharmaceutical distributor in China that is well positioned to take advantage of a largely fragmented, emerging market," said Crocker Coulson, President of CCG Elite. "Given its strong management team, research and development expertise and strong pipeline of potential new drugs, China Medicine presents an attractive investment opportunity with the potential to build shareholder value over the long term."
About China Medicine Corporation
China Medicine is a distributor of medical products, traditional pharmaceutical medicines, traditional Chinese medicines, Chinese herbs and dietary supplements to over 28 provinces and 800 customers within China. The Company sells more than 2,200 products and is actively building a pipeline of proprietary traditional and Chinese herbal remedy products targeting oncology, high blood pressure and the removal of aflatoxins from food and animal feed. China Medicine conducts its operations through its wholly-owned subsidiary in the PRC, Guangzhou Konzern Medicine Co., Ltd. For more information, visit the Company's website at http://www.chinamedicinecorp.com.
About CCG Elite
CCG Elite is uniquely positioned to provide an outsourced, high-level investor relations solution that combines in-depth understanding of Asia's corporate culture and economic scene and a direct pipeline into the leading funds and broker-dealers in the U.S. CCG Elite is a global, full-service investor relations agency with corporate headquarters in Los Angeles and offices in New York City, Newport Beach, Calif., Dallas, Texas, Hong Kong and Beijing. For further information, contact CCG Elite directly, or visit the Company's Web site at http://www.ccgelite.com.
Cautionary Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
