AMDL conducts due diligence for planned purchase of two Chinese pharmaceutical firms

By E. Janene Geiss

Philadelphia, Jan. 19 - AMDL, Inc. said Thursday that it has been conducting a due diligence trip in China to further the acquisition of two China-based pharmaceutical companies for up to 13,215,000 shares of AMDL common stock from Jade Capital Group, Ltd., a Hong Kong company.

Representatives of AMDL have visited Jade's Chinese GMP-approved pharmaceutical manufacturing facilities and met with representatives of the Jaingxi Province Bureau of the Chinese Food and Drug Administration to determine the regulatory path for gaining approval for manufacturing and selling DR-70 in China, as well as fast-tracking AMDL's combined immunogene therapy technology after the necessary clinical trials have been conducted, according to a company news release.

"This transaction is proceeding in the ordinary course. It has a lot of complex parts and we are ironing out the details. We are encouraged by the information received to date and the sophistication of the pharmaceutical operations in China," Gary L. Dreher, president of AMDL, said in the release.

The company said the transaction would allow AMDL to take advantage of China's growing pharmaceutical industry and roll out its technology in China.

AMDL is a Tustin, Calif., theranostics company involved in the detection and treatment of cancer. It is the maker of the DR-70, a non-invasive cancer blood test that detects up to 13 cancers in humans with 84% accuracy.

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