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  • Biostar Pharmaceuticals, Inc. (BSPM) Signs Agreement To Manufacture And Supply Three New Drugs To Xijing Military Hospital 0 comments
    Oct 3, 2012 2:14 PM | about stocks: BSPM

    Biostar Pharmaceuticals has announced that on Sept. 24, the company signed a one-year agreement to manufacture and supply three new drugs to Xijing Hospital: Gastritis Granule, Pharyngitis Granule, and Nasosinusitis Granule.

    Valued at approximately $3.6 million (RMB 24 million), the agreement will take effect this month. Beginning in October, Biostar will deliver its first monthly supply (valued at around $0.3 million, or RMB 2 million) to Xijing Hospital. To be sold exclusively at Xijing Hospital, the three drugs will be given to patients admitted to the hospital for treatment. Gastritis Granule is used for the treatment of chronic and atrophic gastritis; Pharyngitis Granule is used for the treatment of acute and chronic throat inflammation; and Nasosinusitis Granule is used for the treatment of acute and chronic sinusitis.

    A military hospital managed by The Fourth Military Medical University (FMMU), Xijing Hospital is one of China's prominent military medical universities and research centers. Notably, Biostar was chosen as one of only nine pharmaceutical companies in China to work with FMMU in the fields of research and product development. Since being selected, Biostar has been working closely with FMMU's staff to implement experimental product tests covered under the corporation agreement, including tests for Gastritis Granule, Pharyngitis Granule, and Nasosinusitis Granule.

    Biostar was able to speedily and successfully complete experimental tests and trial production for all three products. Once the products passed manufacturing technology and quality inspections, the company purchased raw materials to begin production and is currently manufacturing all three drugs to be sold exclusively to Xijing Hospital, in accordance with the agreement.

    Biostar will continue working with FMMU's staff to share resources and ideas and to carry out clinical trials for other new products, which will aid the company in becoming a production base for manufacturing drugs specifically to meet the needs of China's military. The company hopes to further expand its relationship with Xijing Hospital for more than a dozen other new drugs, which Biostar currently has technology to manufacture at its facilities.

    Biostar Pharmaceuticals, through its wholly owned subsidiary and controlled affiliate in China, is engaged in developing, manufacturing, and marketing pharmaceutical and health supplement products for various diseases and conditions. Xin Aoxing Oleanolic Acid Capsule, an OTC medicine for treating chronic hepatitis B, is the company's lead product.

    For more information, visit the company's Web site at www.biostarpharmaceuticals.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: BSPM
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