Qilian International Holding Group Limited Receives Approval for the Sale of its Newly Developed Nitrofurantoin Enteric-coated Tablets

Rhea-AI Summary

Qilian International Holding Group Limited (Nasdaq: QLI) reported receiving approval from Gansu Provincial Drug Administration for the sale of its nitrofurantoin enteric-coated tablets on January 14, 2022. This marks Qilian as the first company in Gansu Province to gain such approval. Nitrofurantoin is included in China's National Reimbursement Drug List, indicating strong market demand. The tablets are used to treat urinary tract infections and have met national drug standards following thorough inspections. The company anticipates this product will enhance its market competitiveness and revenue.

Positive

• Approval for nitrofurantoin enteric-coated tablets is expected to drive revenue growth.
• Product included in National Reimbursement Drug List, indicating strong market demand.
• First company in Gansu Province to receive approval, enhancing competitive positioning.

Negative

• None.

JIUQUAN, China, Jan. 19, 2022 /PRNewswire/ -- Qilian International Holding Group Limited (Nasdaq: QLI) (the "Company", "Qilian International", "we", "our" or "us"), a China-based pharmaceutical and chemical products manufacturer, today announced that the Company received approval from Gansu Provincial Drug Administration on January 14, 2022 for the sale of its newly developed nitrofurantoin enteric-coated tablets. This indicates that the Company officially become the first enterprise in Gansu Province with the Gansu Provincial Drug Administration's approval for selling nitrofurantoin enteric-coated tablets.

Included as a class-A medicine in the National Reimbursement Drug List and the National Essential Medicines List in China, nitrofurantoin enteric-coated tablets are expected to have a robust market demand with large growth potential. Nitrofurantoin enteric-coated tablets are mainly used for the treatment of acute lower urinary tract infections caused by bacteria such as Escherichia coli, Enterococcus, Staphylococcus, Klebsiella, and Enterobacter. Nitrofurantoin enteric-coated tablets also can be used to prevent urinary tract infections and are commonly used as anti-inflammatory and bactericidal drugs.

The Company's nitrofurantoin enteric-coated tablets have successfully passed the on-site inspection and comprehensive evaluation by the Examination and Inspection Center of the Gansu Provincial Drug Administration. The Examination and Inspection Center of the Gansu Provincial Drug Administration determined that the Company's production process for the nitrofurantoin enteric-coated tablets is consistent with the approved registration process, its production and quality management of nitrofurantoin enteric-coated tablets meet the requirements of Good Manufacturing Practice, and its production facilities and quality control system meet the needs of the production scale. Qilian International's nitrofurantoin enteric-coated tablets have been sampled by Examination and Inspection Center of the Gansu Provincial Drug Administration and tested by Gansu Provincial Institute of Drug Inspection. As a result of the foregoing approvals, the Company's nitrofurantoin enteric-coated tablets have been determined by the applicable authorities to meet the national drug standards.

Mr. Zhanchang Xin, Chairman and CEO of the Company, commented, "We are excited about receiving approval from Gansu Provincial Drug Administration for the sale of nitrofurantoin enteric-coated tablets, which we believe demonstrates our research and development ("R&D") capabilities. We anticipate that our nitrofurantoin enteric-coated tablets will further add to the Company's product line in the pharmaceutical sector and may further enhance our competitiveness and market expansion capabilities. We expect the introduction of nitrofurantoin enteric-coated tablets will have a positive impact on the Company's operations in the future. Looking forward, we will continue to focus on independent innovation, increase our R&D efforts, improve product quality, and leverage our brand advantages. We expect to rapidly expand the scale of our production and sales, further enhance the market share of our products, improve our financial performance, and make greater efforts to effectively improve market concentration and the health of people."

About Qilian International Holding Group Limited

Qilian International Holding Group Limited, headquartered in Gansu, China, is a pharmaceutical and chemical products manufacturer in China. It focuses on the development, manufacturing, marketing and sale of licorice products, oxytetracycline products, traditional Chinese medicine derivative products, heparin products, sausage casings, and fertilizers. The Company's products are sold in more than 20 Provinces in China. For more information, visit the Company's website at http://ir.qlsyy.net/index.html or http://qilianinternational.com/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, financial needs and the successful construction of the pig by-product processing project facility. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC.

For more information, please contact:

Qilian International Holding Group Limited
Email: ir@qlsyy.net

Ascent Investors Relations LLC
Tina Xiao
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com

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SOURCE Qilian International Holding Group Limited

FAQ

What recent approval did Qilian International receive for nitrofurantoin enteric-coated tablets?

Qilian International received approval from Gansu Provincial Drug Administration on January 14, 2022, for the sale of nitrofurantoin enteric-coated tablets.

Why is the approval for nitrofurantoin important for Qilian International?

The approval is significant as it positions Qilian International as the first company in Gansu Province to sell this product, indicating potential for increased revenue.

How does nitrofurantoin enteric-coated tablets fit into the market in China?

Nitrofurantoin enteric-coated tablets are included in China's National Reimbursement Drug List, suggesting robust market demand.

What are the expected benefits of the new nitrofurantoin enteric-coated tablets for Qilian International?

The company anticipates that the introduction of nitrofurantoin enteric-coated tablets will enhance its competitiveness and improve financial performance.