SANTA MONICA, Calif., April 24 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. (OTC Bulletin Board: AIDA) today announced that it has completed the acquisition of a controlling interest in Jiangsu Institute of Microbiology Co., Ltd. ("JSIM"), one of the leading microbiology research institutes in the People's Republic of China. JSIM has several drugs currently undergoing clinical testing and has new products in its development pipeline. This acquisition is expected to add several new products to Aida Pharmaceutical Inc.'s existing line of products, thus diversifying its product mix and enabling the Company to increase its market share in the PRC pharmaceutical market.
The controlling interest in JSIM was acquired through two of Aida Pharmaceutical Inc.'s subsidiaries, namely Hangzhou Aida Pharmaceutical Co., Ltd. (which acquired a 43% equity interest) and Changzhou Fangyuan Pharmaceutical Co., Ltd. (which acquired a 55% equity interest).
JSIM is a national leader in microbiology with over thirty years of research history. It is located in Wuxi City in Jiangsu Province, has over thirty scientists and engineers that have completed over 200 research projects. Of these research projects, over twenty of them were developed as national-level key projects, as designated by the Chinese government. JSIM's research efforts have yielded numerous patents.
About Aida Pharmaceuticals, Inc.
Aida Pharmaceuticals, Inc. is a product-focused pharmaceuticals company engaged in the formulation, clinical testing, registration, manufacture, sales and marketing of advanced pharmaceutical and genetic products in mainland China. The Company's mission is to discover, develop and market meaningful new therapies that improve human health. Aida Pharmaceuticals, Inc., in operation since March 1999, is headquartered in Hangzhou, People's Republic of China with manufacturing, distribution and sales points throughout mainland China. Aida Pharmaceuticals, Inc. is GMP-certified in the People's Republic of China and ISO9002-certified for quality assurance and ISO14000 certified for ecologically-friendly practices.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
SOURCE Aida Pharmaceuticals, Inc.