AXM Pharma will continue trading on Amex; company's diabetes drug Glucostrim receives approval

By E. Janene Geiss

Philadelphia, Dec. 23 - AXM Pharma, Inc. said Friday that it has received notification from the American Stock Exchange that its common stock will continue to trade on the exchange as a result of the company filing its form 10-Q for the period ended Sept. 30.

The company's common stock will remain on the Amex as long as it meets the requirements for continued listing, officials said in a news release.

The company also said Friday that it has received approval from the Chinese Food and Drug Administration to sell Glucostrim (Qiyao) anti-diabetes capsules in China. The company said it received a New Drug Certificate, allowing it to produce and sell the product beginning in March.

Glucostrim employs traditional Chinese medicine and is designed to raise the level of the body insulin to reduce glucose.

The company said the drug uses natural herbal medicine extracts with the company's proprietary new technology. It has proven to be effective in clinical studies with 600 cases, officials said, and these studies also showed it does not cause adverse side effects commonly associated with other treatments.

"Diabetes is a growing problem in China and internationally and this product, which has proven effective in treating diabetes without the associated side effects, provides the company with a significant revenue opportunity," Weishi Wang, chairman and chief executive officer AXM Pharma, said in the release.

According to The Asia Times, company officials said, there now are 90 million people with diabetes in Asia.

AXM, through its wholly owned subsidiary, AXM Pharma Shenyang, Inc., is a manufacturer of proprietary and generic pharmaceutical products, including injectables, capsules, tablets, liquids and medicated skin products for export and domestic Chinese sales.

AXM Shenyang is a wholly foreign owned enterprise under the laws of the People's Republic of China and is located in the Shenyang, province of Liaoning, China.

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