Genesis Pharmaceuticals releases SFDA approval for radix isatidis tablets

Tag : medicine manufacture
Genesis Pharmaceuticals Announces SFDA Approval for Radix Isatidis Dispersible Tablets
LAIYANG, China, July 15 /Xinhua-PRNewswire-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board:GTEC) ("Genesis" or the "Company"), a leading pharmaceuticalcompany in the People's Republic of China, today announced that theCompany received approval from the Chinese State Food and DrugAdministration ("SFDA") to start producing and distributing RadixIsatidis Dispersible Tablets.
Radix Isatidis is an herbal-based traditional Chinese medicine usedto cure viral influenza. Radix Isatidis is very popular in Chinabecause people there believe it has fewer side affects than westernmedicines. Most Radix Isatidis products are in powder form, whichhas to be dissolved in hot water. Genesis will be the only companyin China to manufacture Radix Isatidis in dispersible tablet form.Radix Isatidis Dispersible Tablets will be more convenient to take,easier to absorb and are more stable than Radix Isatidis productsin powder form.
Radix Isatidis Dispersible Tablets will be sold over the counter inpharmacies, a rapidly growing distribution channel for drugs inChina. The Company will start distributing Radix IsatidisDispersible Tablets within three months, and will make thismedicine widely available to customers throughout China.
Annual sales of Radix Isatidis in China are estimated to be overUS$1.43 billion. The Company estimates that its sales of RadixIsatidis Dispersible Tablets in fiscal year 2009 ending June 30,2009 will be approximately US$4.2 million and an estimated US$10million in fiscal year 2010.
Genesis has all of manufacturing equipment needed to produce RadixIsatidis Dispersible Tablets, and has concluded its marketingresearch and planning for this new product. The Company estimatesthat its first year working capital and marketing expenses will beapproximately US$1.0 million.
"We are pleased to receive approval from the SFDA to produce anddistribute Radix Isatidis Dispersible Tablets," said Mr. Cao Wubo , Chairman and CEO of Genesis Pharmaceuticals Enterprises. "We willdistribute this new drug through our existing nationwide marketingand distribution network, and believe it will quickly becomepopular among a wide range of customers, from young to old people."
About Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public companyengaged in the research, development, production, marketing andsales of pharmaceutical products in the People's Republic of China.Its operations are located in Northeast China in an EconomicDevelopment Zone in Laiyang City, Shandong province. Genesis is amajor pharmaceutical company in China producing tablets, capsules,and granules for both western and Chinese herbal- based medicaldrugs.
Safe Harbor Statement
Certain statements in this press release that are not historicalfacts are "forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995. Such statementsare not guarantees of future performance and are subject to risksand uncertainties that could cause the Company's actual results andfinancial position to differ materially from those included withinthe forward-looking statements. Forward-looking statements involverisks and uncertainties, including those relating to the Company'sability to introduce, manufacture and distribute new drugs. Actualresults may differ materially from anticipated or predictedresults, and reported results should not be considered as anindication of future performance. The potential risks anduncertainties include, among others, the Company's ability toobtain raw materials needed in manufacturing, the continuingemployment of key employees, the failure risks inherent in testingany new drug, the possibility that regulatory approvals may bedelayed or become unavailable, patent or licensing concerns thatmay include litigation, direct competition from other manufacturersand product obsolescence. More information about the potentialfactors that could affect the Company's business and financialresults is included in the Company's filings, available via theUnited States Securities and Exchange Commission.
SOURCE Genesis Pharmaceuticals Enterprises, Inc.