AlphaRx Inc. (OTCBB: ALRX), an emerging biopharmaceutical company utilizing proprietary drug delivery technology to develop novel nano-drug delivery formulations, has named Ruby Hui as President of China Operations. In this role, Ruby will be responsible for managing AlphaRx operations in China, which include developing new business and implementing business practices that support AlphaRx's Pan-Asian initiatives.
AlphaRx Inc is targeting its drugs for the antibiotics which is third largest pharmaceutical market, totaling approximately $35 billion in worldwide sales, including $9 billion in the United States. Under development for this market are: Vancomycin (Glycopeptide), Gentamicin, Streptomycin, Tobramycin (Aminoglycoside). Planned candidates: Clarithromycin (Macrolide).
AlphaRx is also targeting the market for cancer treatment: the global cancer market is forecast to grow from $38.5bn in 2003 to $53.1bn in 2009, representing an average annual growth rate of 5.49%, Planned candidates: Taxol, Camptothecin, Cisplatin (Platinum).
Ruby has extensive experience in marketing and project management. Ruby was senior project manager at New World Development, a multi billion investment holding company with interests in health care, pharmaceuticals, property development, hotels, infrastructure, telecommunications and retailing in Hong Kong and China. Before joining New World, Ruby held various positions at Chinese Estate Group, a multi billion investment holding company based in Hong Kong that is run by Ruby's family members.
"The potential within the greater China region is enormous," said Ruby. "I am very pleased to assume this role and help build a strong executive team in China and I look forward to leading AlphaRx China towards leveraging the momentum that is building in the region and driving this company to new heights."
"I am confident that Ruby's extensive leadership and China experience as well as her high energy and proven track record will further accelerate our rapid growth in China and bring the organization to new heights," said Michael Lee, President & CEO of AlphaRx. "The timing is of great significance as the new China economic dynamic increases the demand for pharmaceuticals." Ruby is an active investor in AlphaRx and has invested over $2 million into AlphaRx and its Hong Kong subsidiary.
AlphaRx is a specialty pharmaceutical company dedicated to developing proven therapies by reformulating FDA approved and marketed drugs which through the application of its proprietary site-specific nano drug delivery technology, offers improved medical benefits and a potential for significant commercial product development.
AlphaRx 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.