Primarily due to improvement in sales, Aoxing Pharma recorded a net loss of $448,516 for the first quarter of fiscal 2013, an improvement from the net loss of $955,163 recorded in the first quarter of fiscal 2012.
On September 30, 2012, Aoxing Pharma had $6.2 million in cash on hand and a working capital deficit of $2,109,492, which represented a significant improvement over its working capital deficit of $9,112,842 at June 30, 2012. The improvement occurred because, on August 14, 2012, Aoxing Pharma entered into a refinancing agreement with Beijing International Trust Co., Ltd., and replaced a short-term loan of approximately $3.96 million owed to China CITIC Bank with a two-year term loan of approximately $7.12 million.
Zhenjiang Yue, our Chairman and CEO, commented, "The Chinese pharmaceutical market continues to be challenging. I am pleased with Aoxing Pharma's operating results, highlighted by continued growth in product sales."
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). It has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. For more information, please visit: www.aoxingpharma.com.
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|SOURCE Aoxing Pharmaceutical Company, Inc.|
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