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Lotus Pharmaceuticals Announces Second Quarter 2008 Results
Date:8/18/2008

ared to $36.9 million as of December 31, 2007. Total liabilities were $14.0 million compared to $10.3 million as of December 31, 2007. Stockholders' equity as of June 30, 2008 was $35.0 million, up 31.5% from $26.6 million as of December 31, 2007. The Company generated $4.7 million in net cash flow from operating activities in the first half of 2008, down from $4.9 million in the same quarter of 2007.

Recent Events

In May 2008, Lotus signed a technology transfer agreement with Dongguan Kaifa Biomedicine, Inc. ("Dongguan Kaifa") for the patent and exclusive production rights to Laevo-Bambutero in China. Laevo-Bambutero is a more effective asthma drug than a number of alternative drugs that currently are on the market. Lotus plans to launch the drug by 2012, pending approval from the SFDA. Lotus agreed to pay RMB 48 million (about $6.9 million) in cash and a 3% royalty on products sales to Dongguan Kaifa for Laevo-Bambutero. The Company has already paid RMB 20 million (about $2.9 million) to Dongguan Kaifa.

In June 2008, Lotus entered into an agreement with the Cha You Qian Qi Economy Commission ("Cha You"), Inner Mongolia, to purchase land rights to property on which it plans to construct a facility for developing and manufacturing pharmaceutical products. The property is approximately 400,200 square meters. Plans call for construction of a 40,000 square meter manufacturing facility. The cost of land rights was RMB 108 million (approximately $15.5 million), of which RMB 39 million (approximately $5.8 million) has been paid to Cha You.

The agreement through which Liang Fang acquired land rights to the property stipulates that construction of a manufacturing facility on the property must start by September 3, 2008. The cost of construction is an estimated RMB 160 million (approximately $22.9 million). The cost of purchasing production machinery is an estimated RMB 182 million (approximately $26.0 million). Working capital for development of
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SOURCE Lotus Pharmaceuticals, Inc.
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