NANTONG CITY, China, April 24 /PRNewswire-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP) ("Sinobiopharma" or, the "Company") is pleased to report financial highlights from the unaudited financial results for the nine month period ended February 28, 2009.
Financial highlights include:
- Sales revenue increased to US $2,715,702 for the nine months ended February 28, 2009, from US $1,170,677 in the corresponding period ended February 29, 2008.
- Gross profit increased to US $1,815,491, representing 67% of sales revenue, for the nine months ended February 28, 2009, from US $435,666, representing 37% of revenue, in the corresponding period ended February 29, 2008.
- Net profit of the Company's wholly owned operating subsidiary, Dong Ying (Jiangsu) Pharmaceutical Co., Ltd., increased to US $851,324, representing 27% of sales revenue, for the nine months ended February 28, 2009, from - US $ 96,335 in the corresponding period ended February 29, 2008. However, the Company's overall net loss increased to US $1,622,692 for the nine months ended February 28, 2009, from US $444,672 for the nine months ended February 29, 2008, of which one of the main expenses affecting the results of operations was the stock-based compensation expense of US $1,944,750 reflecting the vesting of stock options granted by the Company having an exercise price of $1.80 per share.
- 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 US $2,511,752 in the nine months ended February 28, 2009, from US $765,615 in the nine months ended February 29, 2008. At the same time, as volume has increased, cost of manufacturing Cisatracurium Besylate has decreased to 30% of its price for the nine months ended February 28, 2009, from 64% of its price for the nine months ended February 29, 2008.
"The significant increases in sales revenue as well as gross and net profit indicate not only the growing success of Sinobiopharma's products in the marketplace, but also the Company's improved performance in producing and distributing them more cost-effectively," said Mr. Lequn Huang, President and CEO of 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.
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