FOSTER CITY, Calif., Feb. 1, 2016 /PRNewswire/ -- Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, addiction treatment, psychiatric and weight loss pharmaceuticals, today announced that Dr. James Chen has joined the Company as Chief Financial Officer, effective as of February 1, 2016. Mr. Guoan Zhang, who had served as Interim CFO, will continue to serve as Vice President - Finance and Controller for the Company,
Before joining Aoxing Parma, Dr. Chen was the CFO of Origin Agritech. At Origin, he successfully managed both operational and finance functions, and helped Origin to weather one of the worst years in the Chinese seed industry. He was instrumental in bringing Origin's technologies to global cooperation programs and in entering the seeds and traits market in the United States. Prior to working at Origin, Dr. Chen served as an Investment Manager at the Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund owned by the Government of Abu Dhabi. In his investment manager capacity, Dr. Chen played a key role in managing equity investment in China-related portfolios. After joining ADIA in 2008, he contributed significantly in setting up the China A-Share QFII Fund and achieved consistent benchmark-beating performance from the Fund's inception. Prior to ADIA, Dr. Chen spent over five years in sell-side research, most recently as a Senior Research Analyst at Morgan Joseph and previously at BB&T Capital Markets and Fulcrum Global Partners. He was a member of an analyst team top-rated by Institutional Investors Journal and Wall Street Journal for collective coverage in such companies as Dow Chemicals, Du Pont and Monsanto. Dr. Chen started his career at Univation Technologies, a joint venture between ExxonMobil and Dow Chemical.
"We're pleased to welcome James to our management team," commented Mr. Zhenjiang Yue, the Chairman and CEO of Aoxing Pharma. "James brings with him extensive experiences across corporate executive, investment management, and investment banking equity research functions. His in-depth knowledge of corporate finance will help Aoxing to advance to a new level of growth, especially at this stage when key new narcotic products are just about to be commercialized."
"I'm very excited to join Aoxing Pharma as it enters the stage of transforming into a major narcotic pharmaceutical company in China," said Dr. James Chen. "I look forward to contributing to the growth of the Company."
Dr. Chen is a Chartered Financial Analyst. He received a Bachelor's Degree from East China University of Science and Technology and an M.B.A. from New York University. Dr. Chen received his Ph.D. Degree in Chemical Engineering from University of Connecticut. Dr. Chen is currently a Director and the Chairman of the Audit Committee of the Board of Directors of China Finance Online and the Chairman of the Board of Supervisors of Linjiang Chemicals.
Aoxing Pharma has entered into a three year employment agreement with Dr. James Chen. The agreement provides for a grant of options to purchase 300,000 shares of common stock at a price of $.71 per share. Options for 100,000 shares will vest on each of the first three anniversaries of the agreement. Dr. Chen will be paid a salary of $330,000 per year. He is entitled to choose to receive common stock in lieu of salary for one or more periods of one, three or six months, with the shares valued at market price at the beginning of the period..
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China Food and Drug Administration ("CFDA"). For more information, please visit: www.aoxingpharma.com.
Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc.
Certain statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. To the extent that any statements made here are not historical, these statements are essentially forward-looking. Undue reliance should not be placed on forward-looking information. The economic, competitive, governmental, technological and other risk factors identified in the Company's filings with the Securities and Exchange Commission, specifically, Item 1A, "Risk Factors," in the Form 10-K for the year ended June 30, 2015, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
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SOURCE Aoxing Pharmaceutical Company, Inc.