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Sinobiopharma Reports Highlights From Audited Financial Results for the Fiscal Year Ended May 31, 2009
Date:9/23/2009

NANTONG CITY, China, Sept. 23 /PRNewswire-Asia-FirstCall/ -- Sinobiopharma, Inc. ("Sinobiopharma" or the "Company") is pleased to report financial highlights from the audited financial results for the fiscal year ended May 31, 2009.

    Financial highlights include:
    -- Sales revenue increased to US$3,850,278 for the 12 months ended May 31,
       2009, from US$1,810,318 in the corresponding period ended May 31, 2008,
       a year-over-year increase of 112.69 percent.

    -- Gross profit increased to US$2,538,441, representing 66 percent of
       sales revenue, for the 12 months ended May 31, 2009, from US$580,915,
       representing 32 percent of revenue, in the corresponding period ended
       May 31, 2008.

    -- Net profit of the Company's wholly owned operating subsidiary, Dong
       Ying (Jiangsu) Pharmaceutical Co., Ltd., increased to US$1,019,507
       representing 26% of sales revenue, for the 12 months ended May 31, 2009,
       from -US$199,306 in the corresponding period ended May 31, 2008, a
       year-over-year increase of more than 400 percent.  However, the
       Company's overall net loss increased to US$2,140,237 for the 12 months
       ended May 31, 2009, of which one of the main expenses affecting the
       results of operations was the stock-based compensation charge of
       US$2,917,125, reflecting the vesting of stock options granted by the
       Company and professional fee of public company administration (audit,
       legal, etc.) of US$270,518.

    -- Increase in sales volume and the improvement in gross profit percentage
       are both due to growth in sales of Cisatracurium Besylate, a pre-
       surgical skeletal muscle relaxant.  Sales of this product increased to
       US$3,595,031 in the 12 months ended May 31, 2009, from US$1,364,165 in
       the 12 months ended May 31, 2008.  At the same time, as volume has
       increased, cost of manufacturing Cisatra
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SOURCE  Sinobiopharma, Inc.
Copyright©2009 PR Newswire.
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