NEW YORK, Nov. 15 /PRNewswire-FirstCall/ -- China Aoxing Pharmaceutical Company, Inc. (OTC Bulletin Board: CAXG), which has the largest manufacturing facility and product pipeline for highly regulated narcotic medicines and pain medication in China, today announced financial results for the first quarter of fiscal 2008 ended September 30, 2007.
China Aoxing Pharmaceutical Company reported revenues of $1,380,294 for the first quarter of fiscal 2008, a 33% sequential increase from the fourth quarter of fiscal 2007, reflecting sales of Naloxone Hydrochloride, an analgesic used to reverse the effects of narcotic drugs used during surgery, and Shuanghuanglian, a traditional Chinese medicine treatment for cough and cold. Gross profit during this period was $754,641, a gross profit margin of 55%.
Zhenjiang Yue, Chairman and Chief Executive Officer of China Aoxing Pharmaceutical stated, "We are pleased to report strong business progress and financial results for the first quarter of fiscal 2008. Driven by continued execution of our business strategy and solid growth in our core product portfolio, sales in the fourth quarter of fiscal 2007 reached to $1.38 million. We see the continuous growth trend of our first narcotic drug, Naloxone Hydrochloride, which was launched in February 2007. We continue receiving positive feedback on our pipeline development from the China State Food & Drug Administration (SFDA) and we are very optimistic about our Company's opportunity to bring to China established narcotics and pain medicines, which are industry standards in the United States and Europe. We move aggressively into the commercialization stage of our pipeline products, most of which are expected to be launched over the next twelve to eighteen months."
Total operating costs and expenses for the first quarter of fiscal 2008
were $1.77 million, which reflected approximately $815,103 of general and
administrative expense attributable to the production, sales a
|SOURCE China Aoxing Pharmaceutical Company, Inc.|
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