The two companies signed a deal in 1995, and CTL won approval of the drug in China in 2004 for use against lung cancer. In January 2007, before CTL began marketing the drug, Peregrine sued CTL, saying CTL had breached the terms of the agreement. Peregrine further said it would begin marketing TNT for lung cancer in China. Cancer Therapeutics filed the cross-suit to retain its marketing rights.
SXAN Biotech will merge with Advance Technologies [AVTX.OB] in a reverse acquisition. SXAN owns Tieli Xiaoxinganlin Frog Breeding Co. in China as a wholly owned subsidiary. The present operations of Advance, which consist of infrared imagining systems, will be sold to Gary Ball, the current CEO of Advance. SXAN is seeking better access to U.S. capital markets so that it can become the leading frog breeding company in Asia. The Chinese operations of SXAN are located in Tilie, Yichun City of Helongjiang province. The company has genetic breeding technology for forest frogs, which are used for nutritional supplements, including wines and tonics.
China Pharma Holdings (NYSEMKT:CPHI) reported a 62% increase in Q4 revenues at $8.1 million and a profit of $3.5 million. For the full year, the company made a profit of $8.6 million on revenue of $21.8 million. The company supplies western drugs to China as well as traditional Chinese medicines.
Diamics, a biotech company located in Novato, Calif., signed a $22 million deal to supply its cervical cancer test devices to a hospital group in China. The arrangement is for three years. Diamics will supply at least 1 million tests per year to Beijing Jingman Hospital Group. Last week, Diamics won FDA clearance for its CerCol Cervical Collector.
PharmEng signed an 8-year distribution agreement with Bengbu Bayi Pharma of China for acetaminophen. PharmEng’s contract manufacturing division, Keata, buys acetaminophen from Bayi to use in its private label brands. Buying the drug from Bayi saves PharmEng about 20% over other sources.