At December 31, 2008, the Company had cash and cash equivalents totaling $433,599, working capital was $11.3 million, an improvement of $8.4 million as compared to $2.9 million at December 31, 2007. Net cash provided by operating activities was approximately $5.8 million for the twelve months ended December 31, 2008.
Please refer to documents filed today with the Securities and Exchange Commission for additional information on the results for 2008. Please also visit the Company's web site to learn more about the business http://www.zhonghe.cn .
In commenting on the strong revenue growth, the Company's Chairman, Mr. Xueyun Cui stated, ''TP-5, Kun Run's major product, accounted for 53% of total revenues and contributed $6.2 million of sales in 2008, an increase of 15% over 2007. Since the Company possesses a solution patent for TP-5 pre-filled injections, we enjoyed a stable selling price and strong growth in revenue for TP-5 pre-filled injections, contributing to the total increase in TP-5 as a whole.''
Mr. Xueyun Cui continued, ''Sales of Somatostatin for injection (3mg)
accounted for 8% of total sales in 2008, increasing 39% to $961,266 in 2008
from $692,888 in 2007. This was a result of increased recognition of our
brands. Thymosin Alpha 1 injection (1.6mg) revenues have grown steadily since
it was introduced to the market in 2005, and increased significantly in 2008.
A strong market demand for Thymosin Alpha 1 injection (1.6mg) made it the best
selling product in 2008 contributing $3.2 million in revenue representing a
|SOURCE Kun Run Biotechnology, Inc.|
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