Net income for the first quarter of 2008 increased 19.4% year-over-year, to $2.3 million, or $0.11 per basic share and $0.10 per diluted share.
As of March 31, 2008, CBP had $5.2 million in cash, approximately $10.5 million in working capital and a current ratio of 2.2. Shareholders' equity at the end of the first quarter of 2008 stood at $25.8 million, compared to $22.4 million at the end of 2007.
(1) Management change
On May 9, 2008, Mr. Stanley Wong resigned as President and Chief
Executive Officer of the Company, effective as of June 1, 2008. He will
continue to serve as a consultant to the Company until the end of 2008 in
order to ensure a smooth transition for the management. At the same time,
Mr. Chao Ming Zhao resigned from his position as Chief Financial Officer in
order to take over Mr. Wong's role as President and Chief Executive
Officer, and Mr. Y. Tristan Kuo, the Company's Vice President-Finance, has
been appointed to as the Company's new Chief Financial Officer, effective
June 1, 2008.
(2) The Company announced its receipt of SFDA approval to Supply
Cryoprecipitate in the second quarter of 2008.
(3) The Company received approval SFDA for Clinical Trial of Human
In recent years, the biopharmaceutical industry and the plasma-based product market have outperformed the pharmaceutical industry. The market for plasma-based products in China remains underserved with limited availability of products, offering substantial opportunities for China Biologic to grow its business.
The PRC government is limiting the number of companies in this industry
and is not expected to issue new licenses in the foreseeable future.
|SOURCE China Biologic Products, Inc.|
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