NANTONG CITY, China, April 13 /PRNewswire-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP) is pleased to announce that it has signed the sales contracts totaling 1.5 million units for its flagship product, a patented formulation of Cisatracurium Besylate that is China's top-selling pre-surgical skeletal muscle relaxant.
"This contract is the beginning of an exciting time for the company," said Sinobiopharma CEO, Dr. Huang. "Not only does this take the company's revenue from $1 million to $15 million, but there are many products still coming down the pipeline." The commitment for the 1.5 million units is over a 1 year period and is expected to generate in excess of $15 million USD in revenue during this fiscal year.
The contracts are with Sinobiopharma's business agents, who distribute the Company's products in 30 provinces and key major cities throughout China.
The Company's Chinese patented formulation of Cisatracurim Besylate, is the world's first that can be stored at room temperature. Competitors' versions must be kept at 2 to 8 degrees C. Compared to other neuromuscular blocking agents, Sinobiopharma's intravenously administered formulation is immediate in onset and longer in duration. Within 14 months of its launch in China in late 2006, it is now in use in more than 700 hospitals across China.
As part of its drive to expand its marketing and distribution capacity with new channels, Sinobiopharma is negotiating to acquire 100-percent ownership of a drug distribution company, Nanjing Langkun Medicine Co. Ltd., to accelerate growth in sales revenue in 2009.
Sinobiopharma's expansion strategy also includes targeted acquisitions that will expand its first-to-market drug pipeline and advancing new development of innovative drugs that will consolidate leadership position in its chosen therapeutic areas.
Sinobiopharma Inc. is a fully integrated and highly innovative biotechnology company engaged in the research and development, manufacture and marketing of biopharmaceutical products in China, the world's fastest growing pharmaceutical market. Known as Dong Ying (Jiangsu) Pharmaceutical Co. Ltd. in China, the Company's current therapeutic focus is on anesthesia-assisted agents and cardiovascular drugs.
FORWARD LOOKING STATEMENTS
This news release may include "forward-looking statements" regarding Sinobiopharma, Inc., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiopharma, Inc. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiopharma, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
|SOURCE Sinobiopharma, Inc.|
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