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Lotus Pharmaceuticals, Inc. Announces Fourth Quarter and Fiscal Year 2007 Results
Date:4/17/2008

come and value added taxes, adjusted net income was $8.5 million, or $0.19 per fully diluted share, in 2007, up 34% from adjusted net income of $6.3 million, or $0.16 per fully diluted share, in 2006.

Financial Condition

As of December 31, 2007, Lotus had $4.6 million in cash and equivalents, approximately $24.7 million in working capital, secured convertible notes of $2.6 million and $4.7 million in notes payable. Stockholders' equity at December 31, 2007 was $26.6 million, up 126% from $11.8 million at December 31, 2006.

In 2008 the Company received net proceeds from the sale of shares of its Series A Convertible Redeemable Preferred Stock of approximately $4.6 million. The Company used approximately $2.6 million to repay in full all of its outstanding obligations under its 14% secured convertible notes, the remainder will be used for working capital purposes.

2008 Outlook

''In 2008, we expect to see continued growth in sales and anticipate a growing contribution from sales of our proprietary products. We plan to utilize the capital raised in our private placement to fund our exciting new R&D initiatives and to strengthen our sales channels. Additionally, we plan to diversify our products,'' said Mr. Liu. ''We recently completed a $5.0 million private placement financing which provides us with the resources we need to pursue our R&D efforts and pursue strategic acquisitions. Additionally, we plan to use our sales and marketing expertise and the benefits of scale to improve profitability. We believe we are in a very strong position to take advantage of the growing pharmaceutical market in China, and are committed to maximizing value to our shareholders now and in the future.''

Conference Call

The Company will conduct a conference call at 9:00 a.m. Eastern Time on Thursday, April 17, 2008 to discuss the fourth quarter and fiscal year 2007 results. To participate in the live conference call, please dial the following n
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SOURCE Lotus Pharmaceuticals, Inc.
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