Mar 25, 2010
Press Release

C&O Receives PRC Government’s Eleventh Five-Year Plan Sponsorship Funding for its New Drug R&D Projects

Mainboard-listed C & O Pharmaceutical Technology (Holdings) Limited (“C&O” or “the Group”) today announced that the Group’s research and development (“R&D”) projects on PNA, a Hepatitis B drug that has already entered clinical stage, as well as 3 other potential Category One anti-infective drugs, were selected for sponsorship under PRC government’s “Mega New Drug Development Program” (“the Program”).

The “Mega New Drug Development Program” is the first government funding program to focus solely on new drug development under the PRC government’s Eleventh Five Year Plan to support the R&D of proprietary drugs, with the goal of stimulating a top-class, innovative drug development industry in the PRC. Under the Program, a total amount of RMB6.6 billion is going to qualified projects, which have to meet high standards in different areas, including project progress, degree of intellectual property protection, completion possibility, etc

These 4 C&O R&D projects have already received an initial funding of RMB1.11 million during March 2010. Follow-up funding will be granted in the future according to project benchmarks. Total funding for these 4 C&O R&D projects approved by the Program amounted to RMB7.5 million.

“We are pleased to receive this sponsorship in recognition of the efforts of C&O’s dedicated R&D team. We are honored to have this opportunity to contribute our expertise to China’s innovative drug development industry, as well as the general health of the Chinese people.” commented Mr Gao Bin, Executive Chairman of C&O.