Grand Opening of Headquarters of Powder Pharmaceuticals 2010.10.29

 
[Hong Kong] Lee’s Pharmaceutical Holdings Limited (“Lee’s Pharmaceutical” or the “Group”, Stock Code: 950), an integrated research-driven and market-oriented pharmaceutical group in China, announced that its associated company Powder Pharmaceuticals, Incorporated (PPI) has opened a headquarters at the Hong Kong Science and Technology Park on 29 October 2010. This is PPI’s first manufacturing facility in Hong Kong, which will strengthen its foundation for the development of Zingo, a novel pharmaceutical product for pain management.

Located on the ground floor of the Wireless Centre at the Hong Kong Science and Technology Park in Shatin, the office covers an area of over 13,000 square feet with total 14 staffs. PPI is owned by Lee’s Pharmaceuticals, China Opportunity, a renowned fund in China and Sigma-tau. PPI acquire certain assets of and the global interest in Zingo and its powder intradermal injection system. Zingo, also named Lidocaine Hydrochloride Monohydrate, is a new kind of analgesic applied on intact skin to provide painkilling effect prior to venipuncture and intravenous cannulation. Zingo, which has received approval for sales from Food and Drug Administration (FDA) in the United States, is used for partial analgesia prior to veni-puncture and intravenous cannulation for both kids and adults. PPI will focus on manufacturing, developing and selling Zingo and related products.

Mr. Geoffrey F. Woodhead, Assistant Commissioner of Innovation and Technology Commission, Mr. E Anthony Tan, CEO of Hong Kong Science and Technology Park, Mr. Ugo Di Francesco, CEO of Sigma-tau, Mr. Niccolo Magnoni and Mr. Fabio De Rosa, Director of PPI, together with Board members of Lee’s Pharmaceutical, Mr. Lee Siu Fong, Chairman of Lee’s Pharmaceutical, Ms. Leelalertsuphakun Wanee, Dr. Benjamin Li and Mr. Mauro Bove, hosted the grand opening ceremony.

Dr. Benjamin Li, CEO of Lee’s Pharmaceutical said, “I am very pleased to witness the establishment of PPI’s first manufacturing base and would like to extend my gratitude to my partner for its continuous support and trust. The opening marks the success of the production and development business of Lee’s Pharmaceutical. The Board expects the business of PPI to grow in the medium to long run. This transaction represents a good investment opportunity for the Group and a more solid foundation for future growth.”
 
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