Biostar Pharmaceuticals, Inc. (OTC Bulletin Board: BSPM) ("Biostar" or "the Company"), a Xianyang-based developer, manufacturer and supplier of pharmaceutical products and medical nutrients addressing a variety of diseases and conditions, today announced it has received a patent from China's State Intellectual Property Bureau for its Aoxing Ganbao product. The patent number is 551073.
Aoxing Ganbao is a traditional Chinese herbal product that is complementary for its flagship Xin Aoxing Oleanolic Acid Capsule to treat Hepatitis B. Ganbao is applied topically to effectively combat Hepatitis B conditions by nourishing the liver and reducing inflammation without side effects. The patient attaches the product to the waist with herbs facing the navel. Each dose can be used for one month and most patients consistently utilize it over the long-term since Hepatitis B is a chronic condition. The retail price of Aoxing Ganbao is approximately $20 and carries gross margins of 70%. The product is distributed through the Company's existing channels to pharmacies and the patent will prevent its competitors from producing similar products for 20 years.
"We are very pleased to receive this patent approval for our Aoxing Ganbao Product, which we expect to further improve the Aoxing brand name. As a complementary product, Aoxing Ganbao will further increase the sales of our flagship Hepatitis B product, Xin Aoxing Oleanolic Acid Capsule," said Mr. Wang Ronghua, Chairman and CEO of Biostar Pharmaceuticals, Inc. "We plan to further extend our research and development capabilities aimed at launching complementary products to address the large Hepatitis B market opportunity in addition to other indications with high revenue potential which will drive incremental growth for Biostar. We expect to receive additional patents for multiple indications over the coming year which will further strengthen our branded product base."
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