SOURCE: Aoxing Pharmaceutical

November 30, 2010 08:30 ET

Aoxing Pharmaceutical Company Receives Special Funding From Shijiazhuang, China

NEW YORK, NY--(Marketwire - November 30, 2010) -  Aoxing Pharmaceutical (NYSE Amex: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, today announced Shijiazhuang City in China has granted Aoxing Pharma a special funding in the amount of $73,684 (490,000 RMB). This grant will assist in the interest payments on the company's existing bank loans.

Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma, commented, "We continue to appreciate the support from our local government here in China, based on our accomplishments to date, enabling us to further our growth and success. We already restructured our bank loans earlier this year at more attractive rates and this grant provides additional capital savings to our shareholders. We look forward to a very exciting 2011, with additional product launches planned and the initiation of manufacturing through our joint-venture with Macfarlan Smith, a subsidiary of Johnson Matthey."

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 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 State Food and Drug Administration (SFDA). It has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. It also has strategic alliance partnerships with QRxPharma, Phoenix PharmaLabs, Inc. and American Oriental Bioengineering, Inc. For more information, please visit:

Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc.

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. The economic, competitive, governmental, technological and other risk factors identified in the Company's filings with the Securities and Exchange Commission, including the Form 10-K for the year ended June 30, 2010, 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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