AlphaRx Inc. (OTCBB: ALRX), today announced that it has selected locations in Hong Kong and Shanghai for its corporate headquarters and a new R&D facility respectively. This initiative will spearhead a major push into Greater China.
The R&D facility will be located in The State Biotech Pharmaceutical industrial base (Shanghai) which is situated on 740 acres of land in Zhangjiang High-Tech Park, Shanghai, also known as China\'s medicine valley. Established in 1996, the base is now home to 400 research-based companies including the regional headquarters of the world\'s leading pharmaceutical companies, and is commonly thought of as one of the largest and most successfully drug development centers within China today.
"The Shanghai government has offered business incentives to help the decision-making process," said Michael Lee, Chief Executive Officer and President, AlphaRx Inc. "Some of the incentives include financial assistance through various types of transactions, including grants, loan guarantees and interest subsidies which translate into substantial reduction in overall project development costs."
There will be no impact to AlphaRx\'s presence in Toronto, Canada which continues to serve as its headquarters in North America.