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    Aida acquires Shanghai gene therapy company 4/30/2006
    China's Aida Pharmaceuticals has agreed to purchase the shares of Shanghai Qiaer Biotechnology that it does not already own from Zhejiang Pharmaceutical.

    Aida will purchase an additional 45% of the outstanding shares of Shanghai Qiaer for $495,650. Aida previously paid $561,324 as a deposit to purchase 55% of the shares of the company. The company anticipates closing the transaction at the end of June 2006.

    Shanghai Qiaer's lead product is rh-Apo21, a pioneering gene therapy drug used to treat certain forms of cancer. Rh-Apo21 is nearing the end of phase I clinical trials, which are expected to be completed at the end of April 2006.

    "Gene therapy is the future of the pharmaceutical industry, holding the promise to treat some of the most difficult health problems facing the world today," said Biao Jin, Aida's CEO. "We are pleased to be able to tier our pharmaceutical offerings to include antibiotics, cardiovascular, antineoplastic drugs and genetic drug therapies."

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