Lotus Pharmaceuticals, Inc. (LTUS.OB) Reports Groundbreaking Ceremony for New Building Complex

By IBTimes Staff Reporter | March 11 2010 3:46 AM

China-based company, Lotus Pharmaceuticals, Inc. reported on its March 9th groundbreaking ceremony for the construction of a new building complex in Beijing. Attending the ceremony were Beijing municipal and Chaoyang district government officials, China State Food & Drug officers, and representatives of both state-owned and private pharmaceutical companies.

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The new nine-floor building complex will be used for offices, research and development, production, and modern storage. Interim production of the drugs slated to be produced at the new facility will be produced by third parties until the completion of the building complex.

At the start of the ceremony, Lotus CEO, Zhongyi Liu, welcomed the guests and introduced the project. “After a year of planning, we are pleased to start the construction of the new building complex and expect to finish the construction by July, interior decoration by September and GMP certification by December of this year,” he said. “This is a new page for Lotus’ development and it will provide important impetus to profitable growth, which is anticipated to reach $150 million in annual sales during the first year after the facility is fully operational.”