NEW YORK, April 26, 2011 /PRNewswire/ -- NeoStem, Inc. ("NeoStem" or the "Company") (NYSE Amex: NBS), an international biopharmaceutical company with operations in the U.S. and China, today announced that its majority owned Suzhou Erye Pharmaceutical Company Ltd. subsidiary ("Erye Pharmaceutical") received two awards at the Chempharm Brand Summit 2011 in China.
During the 4th Chempharm Brand Summit held in Chengdu city from April 21st - 23rd, 2011, select recipients in the pharmaceutical industry were recognized by industry leaders with awards to reward outstanding achievement in specific categories. Erye Pharmaceutical was awarded "Top 10 Anti-Infection Drug Award" and "Top 100 Brand Names Award".
Madame Jian Zhang, Erye Pharmaceutical's General Manager, commented, "We are honored to have received such awards at the Chempharm Brand Summit and believe that our business will expand as we continue to transition to our new manufacturing facility."
Erye expects to be fully transitioned to its new 53,000 square meter state-of-the-art manufacturing facility this year. This facility was built to be compliant with State Food and Drug Administration (SFDA) regulations and the latest current Good Manufacturing Practices (cGMP) global standards. Approval (SFDA – Certificate of Approval) of the lyophilized (freeze dried) powder for injection production line is expected shortly. Two additional production line approvals at the new plant (the oral active pharmaceutical ingredient (API) line and the capsule line) are expected by year end. Omeprazole for GERD was launched in 2010 and is currently being manufactured at the new plant. Production of the sterile API cloxacillin sodium which was approved in 2010 is scheduled to be launched and in production at the new facility once the cGMP line receives final SFDA approval. Erye Pharmaceutical has an additional five products in its pipeline and Erye Pharmaceutical and NeoStem continue to look for opportunities to in-license or acquire new drug opportunities to enhance the long-term growth potential of this business by fully utilizing the expanded capacity at the new facility.