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Sinobiopharma Announces Second Quarter 2010 Financial Results
Date:1/19/2010

in sales of KuTai (cisatracurium besylate). Increased marketing efforts and adoption by physicians are driving KuTai sales growth. -- Gross margin increased 182% to $1,720,308 (80% of sales) for the three months that ended November 30, 2009, from $610,752 (63% of sales) for the three months that ended November 30, 2008. The improvement in gross margin was attributable to operating leverage; as volume increased, the unit cost of manufacturing KuTai has decreased. The improvement in gross margin was also attributable to an increase in the price of KuTai, which is distributed through a GSP licensed distributor while Sinobiopharma controls marketing, delivery terms and pricing. -- The operating expenses for the three months ended November 30, 2009 were $596,154, representing a 63% decrease as compared to $1,594,819 for the three months that ended November 30, 2008. The drop was primarily attributable to the decrease in stock-based compensation expenses, and to a lesser degree to a decline in expenses from reverse takeover activities in the three months that ended November 30, 2008. -- Research and development expenses increased $189,396 from $33,015 for the three months ended November 30, 2008 to $222,411 for the three months that ended November 30, 2009. The increase was mainly due to the technology consulting expenses related to the new drug YiTai (perindopril), for which Sinobiopharma scaled up for production in November 2009, and expenditures related to the research and development of other new drugs during the three-month period that ended November 30, 2009. -- Other expenses decreased $10,568 from $61,172 for the three months that ended November 30, 2008 to $50,604 for the three months that ended November 30, 2009. This decrease was due to a lowered balance of the shareholder loan,
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SOURCE Sinobiopharma, Inc.
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