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RHEI PHARMACEUTICALS RECEIVES LETTER OF ACCEPTANCE FOR TIXOZIN FROM SFDA OF CHINA


Hong Kong, December 12, 2011 – RHEI PHARMACEUTICALS HK LTD (“RHEI”), a Hong Kong Based pharmaceutical development company and subsidiary of Luxembourg-based Leeward Ventures Sicar SCA, announced that it has received the acceptance letter from the State Food and Drug Administration (“SFDA”) of China acknowledging all necessary documentation for Tixozin has been submitted and accepted. Together with its marketing partner Beijing King Health Investment Company Ltd. (“King Health”), RHEI completed the required process required to satisfy all requirements to receive marketing approval in China. RHEI has advised its partner, Oystershell (Drongen, Belgium) of the next steps the SFDA will take to grant approval in its territories and anticipates receiving marketing approval in the next several months.

As part of its supply & distribution agreement with Oystershell, RHEI is responsible for obtaining the necessary regulatory approvals for Tixozin. In addition, Oystershell also approved a sub-distribution agreement between RHEI and King Health in Beijing, China to leverage King Health’s extensive sales, marketing and regulatory infrastructure for the launch of Tixozin in China. King Health is headquartered in Beijing, China and has a 10-year history of selling pharmaceutical and other medical products in the China market.

With King Health’s sales and marketing infrastructure, the supply and distribution agreement and the letter of acceptance, RHEI Pharmaceuticals’ commercialization efforts remain on track in China.

“The acceptance of Tixozin submission is a critical step in receiving marketing approval for Tixozin in China,” said Sven De Backer, Chief Executive Officer of RHEI. He continued, “We knew early on that the SFDA would perform a significant amount of due diligence before it would accept our Tixozin submission. Receiving the acceptance letter helps us, as a company, gauge more accurately the timeline to marketing approval. We are pleased with King Health’s ability to streamline the process thus far and their continued progress and commitment to advancing the marketing approval.”

About RHEI Pharmaceuticals:
Rhei Pharmaceuticals Ltd. (RHEI) is a global pharmaceutical business development firm, with special focus on bringing core medicines from the U.S., Europe and Japan into the fast-growing South-East Asian marketplace. They are experts in business development, regulatory approval and clinical development and have a management team that combines a Western approach to pharmaceuticals with a long experience in Europe, North America and South-East Asia. They use their development capabilities and network of preferred commercial partners to help other pharmaceutical companies introduce their products into specific niche markets, such as the European institutional health care market and the Chinese hospital market. RHEI is headquartered in Hong Kong and has operations in Belgium, the US and China. www.rheipharma.com

About Oystershell:
Oystershell NV is a privately held independent developer of consumer healthcare products. Their focus is on strategic research and the development of innovative pharmaceutical products for over the counter sales . Oystershell develops exclusively for third party marketing partners in the pharmaceutical area and has over 10 patent applications in Dermatology. Oystershell NV is located in Belgium. www.Oystershell.com .

About Beijing King Healthcare:
Beijing King Health Investment Co., Ltd. was founded in 2002 and is based in Beijing, China. They have specialized teams in the areas of project approval, R&D, registration as well as marketing and promotion and is focused on bringing unique products to the Chinese market. Beijing King Healthcare Investment Co. Ltd. is one of nine subsidiaries under the Grand Investment International Group of Companies.