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.
-- 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
|SOURCE Benda Pharmaceutical, Inc.|
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