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Benda Pharmaceutical Reports First Quarter 2008 Financial Results
Date:5/21/2008

realized interest expense of $1.2 million related to the Company's convertible note issued in March 2007.

Net loss in the first quarter of 2008 was $2.2 million, or $0.02 per diluted share, compared to net income of $0.4 million, or approximately breakeven on a diluted share basis, in the first quarter of 2007.

Business Update

-- Board of Directors update: The Company appointed Jun Tang to its board

of directors, effective May 1, 2008. Mr. Tang has over a decade of

experience in corporate management and strategic planning and is

currently the President and Chief Executive Officer at Xin Hua Du

Industrial Group Co., a China-based conglomerate with several

publicly-listed subsidiaries. He also serves on the Board of Directors

of Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA), where he

served as President from February 2004 through April 2008.

-- Jiangling Benda plant update: On April 9, 2008, Jiangling Benda

received the GMP Certificate of Approval from the Chinese State Food

and Drug Administration ("SFDA"), authorizing the production of

Ribavrin. The Company believes the certification is a major step

toward commercializing Ribavrin in the domestic market.

-- Yidu Benda plant update: Yidu Benda completed its upgrading of the

waste water system and passed the government's verification and testing

of equipment in October 2007. Yidu Benda is now permitted to test the

production process at the plant, which will be followed by a test of

the production results, held by the government bodies. Benda management

cannot at this time estimate the exact timing for ob
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SOURCE Benda Pharmaceutical, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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