Biostar Pharmaceuticals, Inc. (Nasdaq: BSPM) ("Biostar" or "the Company"), the Xianyang-based manufacturer of a leading over-the-counter Hepatitis B medicine, Xin Aoxing Oleanolic Acid Capsule ("Xin Aoxing"), and other pharmaceutical products, announced today it has received new advertising approval from Shaanxi State Food and Drug Administration ("SFDA") for marketing Xin Aoxing Oleanolic Acid Capsules ("Xin Aoxing").
On April 22, 2010 the Shaanxi SFDA published on its website a notification stating that the marketing language used in connection with several pharmaceutical products sold in the province are not within approved parameters. Biostar Pharmaceuticals' flagship Hepatitis B medicine Xin Aoxing was included in that notification which cited Xin Aoxing for non-compliance of pre-approved adverting content, use of patient images to denote product efficiency, and use of absolute language to suggest efficacy.
The Company has made proper modifications to its sales and marketing materials and has accordingly received a new advertising approval for its Xin Aoxing from the Shaanxi SFDA on April 27, 2010.
The notification has not disrupted production or sales of Xin Aoxing and is not expected to have any impact on previously announced fiscal 2010 revenue and net income guidance.
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