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Dragon Completes Acquisition of Oriental Wave Holding Ltd. and Announces Appointment of Key Management Team

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Dragon Pharmaceutical Inc. (OTC BB: DRUG; TSX: DDD; BBSE: DRP) (“the Company”) is pleased to announce that it has completed the acquisition of Oriental Wave Holding Ltd. At closing, and as described in Dragon’s proxy statement dated December 8, 2004, Mr. Yanlin Han, Mr. Zhanguo Weng and Ms. Xuemei Liu were appointed to the Board of Directors that now consists of five members including Dr. Wick and Dr. Sun who were re-elected at the Company’s annual meeting of shareholders. The Board of Directors also appointed the following individuals as the key management team:

  • Mr. Yanlin Han as the Chief Executive Officer
  • Dr. Alexander Wick as the President
  • Mr. Zhanguo Weng as the Vice President, China Operation
  • Mr. Garry Wong, CFA as the Chief Financial Officer
  • Ms. Maggie Deng as the Chief Operating Officer

“The first practical step to integrate the original Dragon and Oriental Wave into a new and efficient organization has already been started” said, Dr. Alexander Wick, President of Dragon. “A new and state-of-the-art production facility for EPO (Erythropoietin) using the proven cell-line and technology of Nanjing Huaxin Bio-pharmaceutical Co. Ltd., the Company’s subsidiary in Nanjing, is being set up on Dragon’s Chemical division campus in Datong, sharing the existing energy and administrative infrastructure. This campus will also house a new workshop for the freeze-drying of temperature sensitive pharmaceutical products, among them, Levofloxacin, a currently marketed product of the Company.”

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