China Aoxing Pharmaceutical received formal approval from the China State Food and Drug Administration for the clinical study of Codeine Phosphate Compound Medicine for cold and flu treatment.
While Codeine Phosphate is widely used and considered effective in cold and flu treatment in Western countries, it just became available in China in 2006. China Aoxing is one of only two drug makers developing this medicine in China. The company will commence a clinical study of the Codeine Phosphate Compound Medicine in the early Fall of 2007 to test efficacy and safety in China. The clinical study is a multi-center randomized, double-blind, controlled trial, involving 300 patients, and is expected to be completed in early 2008.
Zhenjiang Yue, China Aoxing's Chairman and CEO commented, "This announcement speaks to the continued strength of our diversified pipeline of analgesic drugs in China. We are very pleased that the SFDA has approved China Aoxing for the clinical study of Codeine Phosphate. It is estimated that cold and flu medicines account for approximately USD$625 million in sales annually in China and is expected to grow at a 20% annual rate. We intend to capitalize on this opportunity with a safe, effective product that caters to a large and growing market."
Codeine Phosphate is an effective opioid cough medicine in Western countries, which just became available in China in 2006. China Aoxing is developing an oral solution consisting of Guaifenesin, Pseudoephedrine Hudrochloride and Codeine Phosphate. Codeine Phosphate is widely prescribed in continental Europe and other regions, including major markets like Australia, New Zealand and Canada. It is also available without prescription in combination preparations in limited doses in some countries.
China Aoxing Pharmaceutical Company, Inc. is a pharmaceutical company in China which specializes in research, development, manufacturing and distribution of a variety of analgesics and pain management products. Its operating subsidiary, Hebei Aoxing Pharmaceutical Group Co. Ltd, is a corporation organized under the laws of the People's Republic of China. Hebei Aoxing is one of only a handful of companies in China to be granted the license to manufacture certain drugs including Oxycodone, Pholcodine, Naloxone, Tilidine, and is working closely with the Chinese government to assure availability throughout China.
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