Mar 24 2004
LAM Pharmaceutical, a biomedical company focused on the development and commercialization of novel wound healing and transdermal drug delivery systems, announced today that the Chinese State Food and Drug Administration ("SFDA") has granted approval for the importation and sale of its patented LAM IPM Wound Gel(TM) in China
LAM Pharmaceutical received 510K approval from the US Food and Drug Administration for its product in April 2002. "Receiving the SFDA approval to market our IPM Wound Gel in China represents a major milestone in the Company's evolution," stated Joseph Slechta, President and Chief Executive Officer of LAM. "The approval gives us the green light to proceed with our marketing and distribution program for this large and growing market." Mr. Slechta concluded, "We are very optimistic about our prospects in China.
Market research completed by one of our potential partners confirms both the significant size of the Chinese wound care market and the perceived acceptance by the Chinese consumer of our IPM Wound Gel. According to the Boston Consulting Group, it is projected that by 2005 China will be the seventh largest pharmaceutical market in the world, with a market size for ethical and OTC drugs of $14 billion."
About LAM Pharmaceutical, Corp. L.A.M. Pharmaceutical, Corp., http://www.lampharm.com, is a biomedical company with laboratories in Lewiston, New York, and a business office in Toronto.
LAM focuses on the development and commercialization of novel wound healing and transdermal drug delivery systems that offer patients, among other benefits, safer and more effective treatment for a variety of serious diseases.
The technology is based on an original L.A.M. Ionic Polymer Matrix(TM) technology (L.A.M. IPM(TM)), a proprietary and patented combination (a total of 14 U.S. issued and approved patents) of electrically charged and non-charged molecules with wound-healing properties.
L.A.M. IPM(TM) technology is also appropriate for use with well-established drugs, allowing for the sustained delivery of greater amounts to the target areas than is otherwise possible by oral means, thus prolonging therapeutic activity.
Statements in this press release regarding our business which are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements.
These risks and uncertainties include, but are not limited to uncertainties relating to the need for additional funds and corporate partners, product liability, dependence on third parties for manufacturing and marketing, the early stage of products being marketed or under development, patent risk and competition.