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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.
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SOURCE Sinobiopharma, Inc.
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