DALIAN, China , Aug. 6 /Xinhua-PRNewswire-FirstCall/ -- China Bio-Immunity Corporation (OTC Bullets and Board: CHHB) (''China Bio-Immunity" or "the Company''), today announced that it has entered into a share exchange agreement with Lawford Asia Limited (''Lawford''). According to the share exchange transaction agreement, China Bio-Immunity acquired all of the issued and outstanding stock of Lawford in exchange for the issuance of 13,246,697 shares of its common stock.
Lawford is the holding company of Dalian Jingang-Andi Bio-Products Co. Ltd. (''JGAD''). Under the share exchange agreement, China Bio-Immunity will carry out the business of JGAD as its sole line of business. JGAD is a leading, fully integrated biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily within China .
The Company's revenue generating product portfolio is primarily comprised of Rabies Vaccine for Human Use with Vero Cell, a unique biological product that is used to effectively control and combat rabies disease, and Mumps Vaccine, which is produced from the live, attenuated S79 strain of the mumps virus. In addition to its current products, the Company's product pipeline includes five next-generation vaccine-based prophylactics and therapeutics in various stages of development for both the prevention and treatment of various viruses and infectious diseases. The Company believes that the potential launch of its pipeline products will bring significant market opportunities in the next three to five years.
In conjunction with the share exchange agreement, the Company today filed a Current Report on Form 8-K with the Securities and Exchange Commission, which discloses detailed information about the Company and its subsidiaries, including financial statements for the fiscal years ended December 31, 2006 and 2007, and the three months period ended March 31, 2008 .
In the first quarter of 2008, the Company generated revenue of
In the fiscal year ended December 31, 2007 , the Company generated revenue
Mr. Quanfeng Wang, Chief Executive Officer of China Bio-Immunity, stated, "Today's transaction provides our Company with a solid platform for growth as we aggressively pursue opportunities in China's vaccine market. We believe that we are well-positioned to compete in this fast-developing sector given our strong JGAD brand, diverse product portfolio, proven R&D capabilities, established sales and marketing network and favorable cost structure. With access to the U.S. capital markets, we believe we will be in a compelling position to further strengthen our distribution network both inside and outside of China , develop innovative new products, and provide exciting opportunities for our team to grow our business."