BEIJING and LOS ANGELES, Sept. 26, 2011 /PRNewswire Asia-FirstCall/ -- Feihe International, Inc. (NYSE: ADY; "Feihe International" or the "Company") (formerly known as American Dairy, Inc.), one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China, today announced its recent R&D achievements, including its participation in the Program of China's 12th Five-Year Plan for National Economic and Social Development ("The 12th Five-Year Plan") and the completion of clinical trial feeding tests for its super premium brand of infant formula, AstroBaby. The 12th Five-Year Plan is an important statement of national policy that guides the direction and objectives of China's economic and social development for the coming five years. It is a blueprint for governmental planning in key sectors from 2011 to 2015. Mr. Leng You Bin, the Company's Chairman and Chief Executive Officer, stated, "We are extremely pleased to announce that we are one of the first companies hosting the program, a privilege provided by China's Ministry of Science and Technology. The Company will focus on research and technology issues relating to the processing of milk-based products and will also conduct research and analyze key infant formula ingredients, including breast milk, and China's infant formula market. Feihe is the only dairy company participating in this exclusive program and we are honored to have been chosen. In addition, our super premium infant formula, AstroBaby, a high-end infant formula designed to meet the nutritional needs of infants during their most crucial development period, completed clinical trials. AstroBaby was successfully introduced in 2010 and by the second quarter of 2011, sales increased to approximately 2% of the Company's total infant formula sales. As a result of the Company's performance and accomplishments, the Department of Science and Technology of Heilongjiang Province provided a 5 million RMB grant." The clinical trials are performed by governmental agencies and measure growth and behavioral development, and other indicators for 150 babies with a testing period of 90 days. The clinical trials are voluntary research and fully compliant with safety and ethical standards. The clinical trial feeding test results indicate that, of the infant formula tested, AstroBaby was closest to breast milk in terms of babies' physical growth, digestive systems, language and personal social development.
Shares of Feihe International (NYSE:ADY) were gapping up Thursday morning with an open price 10.6% higher than Wednesday's closing price. The stock closed at $5.87 yesterday and opened today's trading at $6.49.