Lotus Pharmaceuticals, Inc. Reports Strong 2008 Financi...(ion atthe end of 2008 was primarily due ...),Health

Date:4/22/2009

ion at the end of 2008 was primarily due to the Company's cash outlays for deposits on land use rights for our planned new Inner Mongolia facility and the acquisition of intellectual properties. The significant decline of days sales outstanding in ARs in 2008 showed clients paid sooner, which translated into an overall decrease in cash conversion days. This was due to the Company's determined efforts to make Company's working capital less tied up in ongoing operations.

Cash flow provided by operating activities for 2008 was $37.4 million and was primarily used to fund the expansion into Inner Mongolia for the land use rights and related expenses of $32.6 million, and the purchases of new drugs' patent rights. The Company believes capital for the expansion in Inner Mongolia in 2009 will come from cash flow provided by operating activities, debt and equity financings, and government grants.

Drugs Pipeline

The Company's drug portfolio development strategy mainly targets the treatment of cardio-cerebro vascular diseases, diabetes and asthma. The two injection drugs that Lotus developed and submitted in 2006 and 2007 are likely to get SFDA's approvals this year. They are Sodium Aescinate-Injection for surgery swollenness and Gatifloxacin Lactate-Injection for pneumonia. The below is the adjusted currently anticipated SFDA approval timetable for its five new drugs:

    Drugs Name                           Anticipated Production Year
    Sodium Aescinate-Injection           2009
    Gatifloxacin Lactate-Injection       2009
    Calcium Dibutyryl Adenosine
     Monophosphate-Injection             2010
    Isosorbide Mononitrate-Sustained
     Release Tablets                     2010
    Laveo-Bambutero                      2012

2009 Outlook

Based on information available to management at this time, Lotus currently anticipates its growth in net income in 2009 t
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SOURCE Lotus Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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