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Genesis Pharmaceuticals Announces Results for The First Quarter of Fiscal Year 2008
Date:11/19/2007

tting and prevent platelets in the blood from clumping together. A Chinese Class 1 drug is a chemical drug newly manufactured in China that has not previously been imported to China or marketed abroad; under Chinese law, this classification has a 15-year protection period, which is the longest protection period for new drugs in China. Assuming that LFAA receives all necessary Chinese regulatory approvals, the Company plans to put the drug into trial production in 2008, and market it in 2009.

"We are very pleased to have completed our transition to become a public company in the U.S. and believe that Fiscal Year 2008 will be a very exciting and successful year for our company. In addition to the recently launched Baobole chewable tablets we have four other very promising drugs that are awaiting final SFDA approval. We estimate that Fiscal Year 2008 revenues will exceed $100 million and operating income will exceed $26 million," stated Mr. Cao. "Because of the Company's understanding of China's complex drug regulations and our extensive distribution network, we have confidence in our ability to gain more market share for our products and create additional value for our shareholders."

Corporate Events

On October 1, 2007, Laiyang Jiangbo Pharmaceuticals Co., Limited and certain of its affiliated controlling companies merged with Genesis Pharmaceuticals Enterprises, Inc. (formerly named "Genesis Technology Group, Inc.") to form a new public company.

On November 8, 2007, the Company announced completion of a private placement for $5.0 million with Pope Investments, LLC. Most of the net proceeds from this transaction are being used to purchase the patent for the drug Ligustrazine Ferulic Acid Acetate ("LFAA").

As of the date of this press release, the Company has approximately 389 million shares of common stock outstanding.

Please refer to the Company's Form 8K/A filed on November, 19, 2007 for the complete financial statements for the p
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
Copyright©2007 PR Newswire.
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