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Ji’an, Jiangxi, China, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Universe Pharmaceuticals INC (the “Company”) (Nasdaq: UPC), a pharmaceutical producer and distributor in China, today announced that the Company had entered into two strategic cooperation agreements (the “Agreements”) with Jiangxi Province Institute of Materia Medica (“Jiangxi IMM”), an inspection and testing institution fully funded by the Jiangxi Province Medical Products Administration, which promotes the development of the pharmaceutical industry by conducting research on medical devices and Chinese and Western medicines.
Pursuant to the Agreements, the Company authorized Jiangxi IMM to conduct six studies on the quality standard of formula granules of traditional Chinese medicine, including Isatis Root Granule, Epimedium, Sophora Flavescens, Ginseng, Angelica, and Astragalus. The Company will provide related materials and samples to Jiangxi IMM for these studies. The studies shall be conducted in compliance with the requirements and standards of Pharmacopoeia of the People's Republic of China, including stability, reproducibility, and sample size. Upon completion of each of the six studies, Jiangxi IMM will receive payment from the Company.
As part of the Agreements, both parties agreed to collaborate on scientific research, talents development, and project collaboration to further create formulas for traditional Chinese medicine. Leveraging their expertise, both parties expect to continue to research and develop on compatibility theory of traditional Chinese medicine, material basis of medicinal effect, and improvement of pharmacological effect and quality standard, and involve in designing and evaluating the process of intelligent manufacturing of traditional Chinese medicine pills.
Mr. Gang Lai, Chairman and CEO of Universe Pharmaceuticals INC, commented, “We are excited to partner with Jiangxi IMM. The addition of the extensive experience of Jiangxi IMM to our own research and development (“R&D”) capacity will provide us with a strategic advantage and could bring new business opportunities. By bringing in a medical R&D partner, we expect to accurately identify, quantify, and improve the function of current pharmaceutical products to offer better medical solutions to our customers. We believe the studies of Jiangxi IMM will further help improve our products quality and we are positioned to continue to grow and develop our traditional Chinese medicine products.”
About Jiangxi Province Institute of Materia Medica
Affiliated to the Jiangxi Province Medical Products Administration, Jiangxi Province Institute of Materia Medica was established in 1973. Jiangxi Province Institute of Materia Medica has undertaken a large number of national and provincial key scientific research projects, and has successfully developed dozens of new national-level Chinese and Western medicines and functional food supplements. For more information, visit the institute’s website at http://www.jxmdt.org.cn/.
About Universe Pharmaceuticals INC
Universe Pharmaceuticals INC, headquartered in Ji’an, Jiangxi, China, is a pharmaceutical producer and distributor in China. The Company specializes in the manufacturing, marketing, sales and distribution of traditional Chinese medicine derivatives products targeting the elderly with the goal of addressing their physical conditions in the aging process and to promote their general well-being. The Company also distributes and sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies. Currently, the Company’s products are sold in 30 provinces of China. For more information, visit the company’s website at http://www.universe-pharmacy.com/.
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
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