Yesterday, shares rallied after Aoxing Pharmaceutical announced that the China Food and Drug Administration issued licenses to produce 50mg and 100 mg tablets of Tilidine Hydrochloride to its subsidiary.
"This approval is the culmination of 12 years of research, development and regulatory activities. Our entry into the market will be a significant break-through in China's fight to treat pain," Aoxing Pharmaceutical chairman and CEO Zhenjiang Yue said in a statement.
"Our Tilidine HCL tablets offer a convenient medium for delivery of this drug, which is essential in the fight against pain. Aoxing will be the sole producer of Tilidine HCL tablets in China," Yue added.
About 2.29 million shares have exchanged hands as of 11:46 a.m. ET today, compared to its average trading volume of about 1.26 million shares a day.
Jersey City, N.J.-based Aoxing Pharma is a pharmaceutical company that specializes in research, development, manufacturing and distribution of a variety of narcotics and pain-management products and drug-relief medicine.
The company has more than 100 products in various formulations including injection, tablets, capsules, oral solution and powders.
Separately, TheStreet Ratings team rates AOXING PHARMACEUTICAL CO INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AOXING PHARMACEUTICAL CO INC (AXN) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been very high debt management risk by most measures."