China Medical Technologies Announces the Purchase of its ADSs by Chengxuan in the Open Market
BEIJING, June 14, 2011 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced that Chengxuan, a major shareholder which is owned by Mr. Xiaodong Wu, Chairman and Chief Executive Officer of the Company, informed the Company that Chengxuan purchased 110,000 of the Company's American Depositary Shares ("ADSs") in the open market on June 13, 2011 at an average price of US$7.33 per ADS. Chengxuan also indicated the intention to purchase additional ADSs in the open market in the future in compliance with the Company's insider trading policy.
About China Medical Technologies, Inc.
China Medical Technologies, Inc. is a leading China-based advanced IVD company using molecular diagnostic technologies including Fluorescent in situ Hybridization (FISH) and Surface Plasmon Resonance (SPR) and an immunodiagnostic technology, Enhanced Chemiluminescence Immunoassay (ECLIA), to develop, manufacture and distribute diagnostic products used for the detection of various cancers, diseases and disorders as well as companion diagnostic tests for targeted cancer drugs. The Company generates all of its revenues in China through the sale of diagnostic consumables including FISH probes, SPR-based DNA chips and ECLIA reagent kits to hospitals which are recurring users of the consumables for their patients. The Company sells FISH probes and SPR chips to large hospitals through its direct sales personnel and ECLIA reagent kits to small and mid-size hospitals through distributors. For more information, please visit http://www.chinameditech.com.
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