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Sinovac Reports Unaudited First Quarter 2010 Financial Results
Date:5/13/2010

BEIJING, May 13 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (Nasdaq: SVA), a leading China-based vaccine manufacturer, announced today its unaudited financial results for the three-month period ended March 31, 2010.

    First Quarter 2010 Financial Highlights (comparisons to First Quarter 2009)
    -- Sales for the first quarter decreased 32% to $4.4 million
    -- Operating loss for the first quarter was $865,000, compared to
       operating income of $646,000
    -- Net loss attributable to shareholders for the first quarter was
       $307,000, with loss per diluted share of $0.01
    -- Cash and cash equivalents at March 31, 2010 increased to $118.9 million,
       reflecting the closing of the common share public offering in February
       2010


    Business Highlights
    -- In April 2010, Sinovac's joint venture, Sinovac Dalian, submitted an
       application to China's State Food and Drug Administration (SFDA) to
       commence human clinical trials for its mumps vaccine. The proprietary
       mumps vaccine developed by Sinovac Dalian represents not only the first
       live attenuated vaccine for which Sinovac Dalian has filed a clinical
       trial application, but also the first candidate from the joint
       venture's pipeline for which a clinical trial application has been
       submitted to and accepted by the SFDA since the formation of the joint
       venture in January 2010.
    -- In May 2010, Sinovac Biotech, through its wholly owned subsidiary
       Sinovac Biotech (Hong Kong) Ltd, made an initial cash contribution of
       60 million RMB, or approximately $8.8 million, to Sinovac Dalian, the
       Company's 30%-owned joint venture 
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SOURCE Sinovac Biotech Ltd.
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