NANTONG CITY, China, May 20 /PRNewswire-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP) ("Sinobiopharma" or, the "Company") is pleased to provide an update on the Company's progress to date this year and guidance on its projected financial performance for the balance of 2009.
- In Q1 2009, the Company's total revenue increased to RMB 4.60 million (US $0.68 million), representing a 127 percent increase year-over-year from the same period in 2008, when total sales were RMB 2.0 million (US $.29 million).
- Also in Q1, the Company signed sales contracts for a total 1.5 millions units for Cisatracurium Besylate, Sinobiopharma's flagship drug, with business agents who distribute the Company's products in 30 provinces and key major cities throughout China. Total turnover is projected to be more than RMB 105 million (US $15.3 million), of which 70 percent will be Sinobiopharma profit.
Sales, Production and Marketing Highlights:
- Sales of Cisatracurium Besylate increased by more than 200 percent from 2007 to 2008. Sales of 1.5 million units are projected in 2009. Sinobiopharma's patented formulation of Cisatracurium Besylate is now China's top-selling pre-surgical skeletal muscle relaxant.
- Sales of Clindamycin, an antibiotic, increased by 150 percent from 2007 to 2008. Sales of 1 million units are projected in 2009.
- The Company is currently in the process of launching in the domestic Chinese market. Sinobiopharma's formulation of this antihypertensive is the world's first in capsule form, making it easier to swallow. Sales of more than 500,000 capsules are projected in 2009. As the first Chinese maker of the latest generation of this drug, the Company's has multiple competitive advantages, including lower cost of active pharmaceutical ingredients (API), the capsule formulation, greater efficacy and reduced side effects.
- Sales of Sinobiopharma's formulation of L-alanyl-L-glutamine for parenteral (intravenous) nutrition are projected to exceed 30,000 units in 2009.
- The Company is in the process of submitting its application for approval of Rocuronium bromide, a next generation skeletal muscle relaxant that is also the first that can be stored at room temperature, to the Chinese Food and Drug Administration (SFDA).
"In the first quarter of 2009, we saw strong demand for our existing products," said Lequn Huang, Company President and CEO. "We expect that increased marketing efforts and expanded distribution will help boost additional growth for the rest of 2009, with projected improvements in both margins and profitability."
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.
Investor Relations: 1-877-568-0188
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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