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Biostar Pharmaceuticals, Inc. Announces First Quarter 2010 Financial Results
Date:5/17/2010

8.6 million on March 31, 2010, compared to $8.6 million on December 31, 2009. Accounts receivable balance was approximately $20.8 million on March 31, 2010, versus approximately $19.8 million on December 31, 2009. Days sales outstanding (DSO) were at 149 days. The Company had a current ratio of 5.7 to 1 and stockholders' equity of $43.4 million, with total assets of $48.9 million versus total liabilities of $5.6 million on March 31, 2010.

For the first three months of 2010, the Company generated $0.6 million in cash from operations versus $0.06 million used in operations reported for the same period in 2009.

Business Developments

As of March 31, 2010, Biostar has expended its rural supply network to approximately 6,000 sales outlets.

On April 27, Biostar addressed and resolved a concern that its main product, Xin Aoxing, was to be suspended from selling by the local State Food and Drug Administration (SFDA) due to non-compliance with approved advertising use.

On April 23, 2010, Biostar was approved by NASDAQ to list its common stock on the NASDAQ Global Market and commenced trading under the ticker symbol BSPM.

On April 12, 2010, Biostar completed Chinese Military Drug Administration clinical trials for Zushima Analgesic Aerosol Spray ("Zus
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SOURCE Biostar Pharmaceuticals, Inc.
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