Aoxing Pharmaceutical ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, today announced Shijiazhuang City in China has granted Aoxing Pharma a special funding in the amount of $73,684 (490,000 RMB). This grant will assist in the interest payments on the company's existing bank loans.
Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma, commented, "We continue to appreciate the support from our local government here in China, based on our accomplishments to date, enabling us to further our growth and success. We already restructured our bank loans earlier this year at more attractive rates and this grant provides additional capital savings to our shareholders. We look forward to a very exciting 2011, with additional product launches planned and the initiation of manufacturing through our joint-venture with Macfarlan Smith, a subsidiary of Johnson Matthey."
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