Monday, July 03, 2006

Stock News: Asiapharm Grp Ltd on approval of new drug!

Chinese drug maker Asiapharm Group Ltd was higher after it obtained approval for SailiMai, a new drug for treating acute and chronic diarrhoea, dealers said. The drug, is being targeted at the domestic Chinese market, which is estimated to be worth 500 mln yuan, it said. "As part of the group's long-term strategy, SailiMai will allow AsiaPharm to expand its customer base through the prescription and OTC markets, while providing an additional revenue generator for the group," Asiapharm executive chairman Liu Dianbo said. "As the effectiveness of Smectite (key ingredient) is well-recognised in the international market, we believe there is vast potential in the global market for this exciting new formulation," he added. Asiapharm was up 0.035 sgd or 4.83 pct at 0.76 with 5.30 mln shares changing hands.

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