China Medicine Corporation, primarily a leading distributor and a developer of Western pharmaceuticals, traditional Chinese medicines ("TCM"), and other nutriceuticals, announced today that the the Company has received comments from Nasdaq\'s Listing Qualifications Department in response to its application for listing its common stock on the NASDAQ Global Market. China Medicine submitted the application earlier this year, following the board of directors\' approval of the Company\'s uplisting.
"With the NASDAQ Global Market listing process now underway, we look forward to reaching this significant milestone in our development as a U.S. publicly-traded company," stated Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation. "As a growing public company, management and the board believe it is in the best interest of our shareholders for the Company to apply for the listing on NASDAQ.
Comments from Nasdaq\'s Listing Qualifications Department primarily focused on confirmation and supporting details related to factual matters. China Medicine is working expeditiously to submit a response for NASDAQ\'s review and believes that it will satisfy all of the listing qualifications associated with its application.
The Company\'s common stock will continue to trade on the OTC Bulletin Board under its current symbol, CHME, until the Company is notified of its acceptance.
The Company hopes to receive approval to list its common shares on the Nasdaq Global Market in the near future.
China Medicine Corporation is a developer and leading distributor of prescription and over-the-counter ("OTC") drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. The Company also has its research and development force for certain products it manufactures through OEM arrangement and distributes.
The Company distributes its products to wholesale distributors including more than 300 hospitals and 500 medicine companies that sell to over 2,000 drug stores in 28 provinces throughout China. The Company actively develops a number of proprietary products for a variety of uses, including oncology, high blood pressure and the removal of toxins from food and animal feeds