Navigation Links
Sinobiopharma Reports Financial Highlights for Six-Month Period Ending November 30, 2008
Date:1/29/2009

RESULTS REVISE AND UPDATE DONG YING Q3 RESULTS REPORTED DECEMBER 10, 2008

NANTONG CITY, China, Jan. 29 /PRNewswire-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP) is pleased to report financial highlights from the complete unaudited financial results of its wholly owned operating subsidiary, Dong Ying China, that have been consolidated into Sinobiopharma's financial statements for the six-month period ended November 30, 2008. The complete unaudited financial results for the period were filed with the SEC in Form Q10 on January 14, 2009 and available at www.edgar-online.com.

Financial highlights include:

  • Sales revenue increased to $1,902,376 for the six months ended November 30, 2008 from $583,748 in the corresponding period in 2007.

  • Gross profit increased to $1,223,180 (64% of sales revenue) from $116,009 (20% of revenue).

  • Increase in sales volume and the improvement in gross profit percentage are both due to growth in sales of Cisatracurium Besylate., a skeletal muscle relaxant. Sales of this product increased to $1,756,798 in the six months ended November 30, 2008 from $505,331 in the six months ended November 30, 2007.

  • Operating expenses for the six months ended November 30, 2008 were $2,115,788, as compared to $366,833 for the six months ended November 30, 2007. The most significant category of expenses was stock-based compensation of $972,375 in the six months ended November 30, 2008 compared to $nil in the same period in 2007, as the Company granted stock options to various directors, management, employees and consultants upon completing the reverse acquisition and effectively taking the Dongying companies public.

  • The second most significant expense category is professional fees, which have increased to $290,109 form $30,036 in the same period of the previous year. The main reason for the increase is the reverse acquisition, which required a substantial amount of legal, accounting and audit work to bring the Chinese companies up to U.S. financial reporting standards and to advise on and document the legal agreements.

  • The Company incurred $280,664 in general and administrative expenses in the six months ended November 30, 2008, an increase from $148,861 for the six months ended November 30, 2007. The increase is due to increased manufacturing, marketing and general activity with the push to gain market share for the Cisatracurium Besylate product. Salaries and benefits and travel expenses have increased significantly due to the same activity.

  • The Company had a working capital deficiency of $3,908,091 at November 30, 2008. The Company plans to raise capital through sales of shares to provide cash to pay debt of Dong Ying China and fund further drug product development.

Mr. Lequn Huang, Chairman and CEO of Sinobiopharma Pharmaceutical Group, commented: "Sinobiopharma achieved significant year-over-year growth in the six months ending November 30, 2008 in both sales and gross margin. As we move forward in early 2009, we will continue to focus on building our portfolio of innovative and first-to-market drugs through organic growth and acquisitions. We also plan to enhance our investment in sales and marketing activities to help Sinobiopharma achieve sustainable, long-term growth."

About Sinobiopharma

Sinobiopharma, Inc. is a fully integrated and highly innovative biotechnology company engaged in the research and development, manufacture and marketing of biopharmaceutical products in China, the world's fastest growing pharmaceutical market. Known as Dong Ying (Jiangsu) Pharmaceutical Co., Ltd. in China, the Company's current therapeutic focus is on anesthesia-assisted agents and cardiovascular drugs.

FORWARD-LOOKING STATEMENTS

This news release may include "forward-looking statements" regarding Sinobiopharma, Inc., and its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiopharma, Inc. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiopharma, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.


'/>"/>
SOURCE Sinobiopharma, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. CuraGen Reports Fourth Quarter 2008 Financial Results; Provides Milestone and Financial Guidance for First Half of 2009
2. Kensey Nash Reports Strong Second Quarter and First Six Month Fiscal Year 2009 Results
3. Aerolase Reports Strong Sales in 2008 for Portable Aesthetic Lasers
4. GEN Reports on Growing Reliance on Microfluidics Technology
5. Novozymes Reports Strong 2008 Results
6. International Robotic Urology Symposium Reports on Benefits of Cooling During Robotic-Assisted Prostate Surgery and Introduces InnerCools New Investigational UroCool System
7. Neogen Reports Best Quarter in Its 26-Year History
8. AcelRx Pharmaceuticals Reports Positive Results From a Phase 2 Clinical Trial of Sublingual Sufentanil NanoTabs(TM) in Treating Post-Operative Pain
9. Rosetta Genomics Reports Third Quarter 2008 Financial Results; Records First Revenues of $705,000; $7.4 Million Added to Available Cash Due to Repurchase of ARS
10. GEN Reports Growing Focus on PI3-Kinase Pathway in Cancer Research
11. The Female Health Company Reports Record Results for Fiscal Year 2008, at High End of Guidance
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/5/2016)... ... May 05, 2016 , ... ... agreement to acquire Algynomics, a research-stage pain diagnostics company. The Algynomics ... at increased risk for the development of chronic pain, which will allow targeted ...
(Date:5/4/2016)... , ... May 04, 2016 , ... ... no further than LaJollaCooks4u, San Diego’s premiere hands-on cooking experience. Offering everything from ... give mom an experience she won’t forget. , Guests that visit LaJollaCooks4u share ...
(Date:5/4/2016)... ... ... PBI-Gordon Corporation is pleased to announce Doug Obermann has been promoted to ... PBI-Gordon in February 1988, after finishing his masters in agronomy from Iowa State University. ... to national product manager, to helping develop, name and launch many of the most ...
(Date:5/3/2016)... ... May 03, 2016 , ... ... Boston CEO 2016 on May 31st and June 1st at The Four Seasons ... leading executives in the life sciences, offering exclusive access to key decision makers ...
Breaking Biology Technology:
(Date:4/28/2016)... , April 28, 2016 Infosys ... (NYSE: INFY ), and Samsung SDS, a global ... that will provide end customers with a more secure, fast ...      (Logo: http://photos.prnewswire.com/prnh/20130122/589162 ) , ... but it also plays a fundamental part in enabling and ...
(Date:4/26/2016)... LONDON , April 26, 2016 ... a product subsidiary of Infosys (NYSE: ... to integrate the Onegini mobile security platform with ... http://photos.prnewswire.com/prnh/20151104/283829LOGO ) The integration will ... to access and transact across channels. Using this ...
(Date:4/19/2016)... April 20, 2016 The new ... a compact web-based "all-in-one" system solution for all door ... reader or the door interface with integration authorization management ... control systems. The minimal dimensions of the access control ... the building installations offer considerable freedom of design with ...
Breaking Biology News(10 mins):