Rafarma Pharmaceuticals, Inc. (OTC: APKND) announced that its manufacturing and packaging facility in Lipetsk, Russia was fully licensed last November 9th and exhibited by GMP (“Good Manufacturing Practices”) Certificate # 109489 7000-430.
The facility is ISO 9001 and IHC Q 10 compliant. These internationally recognized certifications allow sales and distribution of all permitted products throughout Europe and all nations that are a party to the above standards. The manufacturing facility is currently operating at 30% capacity during its “start-up” phase and is expected to reach full production during the second quarter of 2013.
With the resignation of Vladimir Bondar as Director and President and Natalia Leonidovna Stupina as Director and CFO due to other commitments, the Company appointed Mr. Sergey Brusnitsin as its new Director and CFO. Mr. Brusnitsin earned his PhD in Economics from the Moscow Institute of Economics and was formerly the director of the Federal Revenue Service of Russia. He has been affiliated with the Company in several capacities throughout its development phase. Mr. Alexander Ageev continues to function as Director, Secretary/Treasurer and Mr. David Anderson will remain as Director and CEO and perform the function of President until the first annual meeting, now scheduled for March 1, 2013.
With expended development costs in excess of $200 million, and expected first year revenue expectations exceeding $100 million, and an excellent product portfolio, the Company is expected to be a leading supplier of pharmaceuticals in the years to come.
The new OTC trading symbol for the Company will be announced by FINRA on January 2, 2013 and be effective January 3, 2013.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate,", "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
SOURCE: Rafarma Pharmaceuticals, Inc.