AMDL to make two Chinese acquisitions

California, USA-based AMDL Inc, a developer and marketer of tests for the early detection of cancer and other serious diseases, says that its board of directors has unanimously approved the stock purchase agreement for the acquisition of Jade Pharmaceutical, and its two wholly-owned subsidiaries JiangXi JieZhong Jade Bio-Chemistry Pharmacy Company and Yangbian Yiqiao Bio-Chemistry Pharmacy of China. As consideration for the two companies, AMDL will issue 13,715,000 shares of its common stock and options to purchase an additional 2,500,000 shares, exercisable at 115% of the closing price on AMEX on the day prior to the closing.

AMDL said that Generally-Accepted Accounting Principles audited statements show that the Jade Pharmaceutical companies had a net income in 2005 of about $1.6 million and the net worth of the entities at December 31, 2005, totaled nearly $6.2 million.

"Jade Pharmaceuticals has two Good Manufacturing Practice-approved manufacturing plants located in Tuman City, Jilin Province, and Shangrao, Jangxi Province, China. The two plants collectively manufacture 133 licensed products, including 35 that include various large and small volume injectable fluids, tablets, capsules and tinctures," said Gary Dreher, AMDL's chief executive. "The companies have 11 products currently under development, including three which have begun final-stage clinical trials for the treatment of liver cancer, bone growth and an advanced antibiotic," he added.