AlphaRx Establishes Corporate Headquarters in Hong Kong and R&D Facility in Shanghai
MARKHAM, ON, Dec. 3 /PRNewswire-FirstCall/ - AlphaRx Inc. (OTCBB: ALRX), today announced that it has selected locations in Hong Kong and Shanghai for its corporate headquarters and a new R&D facility respectively. This initiative will spearhead a major push into Greater China.
The R&D facility will be located in The State Biotech Pharmaceutical industrial base (Shanghai) which is situated on 740 acres of land in Zhangjiang High-Tech Park, Shanghai, also known as China's medicine valley. Established in 1996, the base is now home to 400 research-based companies including the regional headquarters of the world's leading pharmaceutical companies, and is commonly thought of as one of the largest and most successfully drug development centers within China today.
"The Shanghai government has offered business incentives to help the decision-making process," said Michael Lee, Chief Executive Officer and President, AlphaRx Inc. "Some of the incentives include financial assistance through various types of transactions, including grants, loan guarantees and interest subsidies which translate into substantial reduction in overall project development costs."
There will be no impact to AlphaRx's presence in Toronto, Canada which continues to serve as its headquarters in North America.
About AlphaRx Inc.
AlphaRx is a specialty pharmaceutical company dedicated to developing proven therapies by reformulating FDA approved and marketed drugs which through the application of its proprietary site-specific drug delivery technology, offers improved medical benefits and a potential for significant commercial product development.
Forward Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the companies.