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China Biopharmaceuticals Holdings Announces Third Quarter 2007 Financial Results
Date:11/23/2007

n November 5, 2007, the Company entered into a new drug development contract with a third party. Pursuant to the contract, the Developer will transfer a drug patent to the Company, and also is responsible for obtaining the New Drug Certificate and the Drug Manufacturing Approval from the PRC Drug Administration Authority no later than July 1, 2009. In exchange, the Company will pay up to RMB12 million (approximately $1.6 million) to the Developer. Of the total $1.6 million, approximately $933,800 and $266,800 will need to be paid before December 31, 2007 and February 25, 2008, respectively, and the final payment ranging from $0 to $400,200, depending on the date of the Manufacturing Approval, needs to be paid no later than 10 days after the grant date of the Manufacturing Approval. Further, the two parties agreed that the Company will pay sales commission to the Developer based on the sales volume of the contracted new drug during a 10 year period after this drug is put into production. If the PRC Drug Administration Authority denies the application of the Drug Manufacturing, all payments made by the Company would be fully returned to the Company by the Developer.

Ms. Zhang Jian, continued, ''We believe that many of the distractions of the failed acquisition of Enshi are behind us. This has taken considerable management time and money away from our primary focus of building a strong pharmaceutical company in China. We now have the conditional conversion of $12.5 million of debt to equity, and believe that we will dramatically improve our cash position and have a one-time gain to income when we prevail in our Enshi litigation. We are happy to be working on new drug launches, which include an exciting new drug development agreement. We look forward to updating shareholder on these new products that we are working on to ensure our continued organic growth, as well as other potential accretive acquisition opportunities to increase our earnings and have a profitab
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SOURCE China Biopharmaceuticals Holdings, Inc.
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