Navigation Links
Aoxing Pharmaceutical Company, Inc. Announces Financial Results For Third Quarter Of 2013 Fiscal Year

JERSEY CITY, N.J., May 15, 2013 /PRNewswire/ -- Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, today announced its financial and operational results for the three and nine month periods ended March 31, 2013.  Complete financial results can be found in the Quarterly Report on Form 10-Q filed by Aoxing Pharma on May 15, 2013.

Financial Results:

Revenues for the three and nine months ended March 31, 2013 were $1,885,133 and $7,804,664, respectively, representing a 4% and a 43% increase over the revenues realized in the comparable periods of fiscal year 2012.  The increase in revenue was mainly attributable to the increase in sales of our main product, Zhongtongan, which is now being marketed for gynecological and orthopaedic applications in addition to its core pediatric and stomotological market.  Sales of Zhongtongan accounted for 91% of sales during the quarter ended March 31, 2013. 

Aoxing Pharma completed a $10.2 million financing at the end of September 2012, which allowed it to make some crucial investments in the future of its business.  Operating expenses, therefore, were swelled during the second and third quarters of fiscal 2013 by two categories of targeted investment:

  • Research and development ("R&D") expenses were $186,972 during the three months ended March 31, 2013 and $1,406,631 during the nine month period then ended, in both cases representing a significant increase over R&D expense in fiscal 2012. 
  • Selling expenses in the amount of $2,662,948 incurred during the three months ended March 31, 2013 and $4,977,821 during the nine months then ended were, in both cases, several fold higher than the selling expenses incurred during fiscal 2012.  The increase in selling expenses was attributable to the addition of 90 employees to the sales staff, increases in travel expenses, and the expenses of an expanded advertising and marketing campaign.  Recently, Aoxing Pharma signed advertising contracts totaling approximately $3.66 million with four different television stations, covering the period from January 2013 to December 2013.

Primarily as a result of these strategic expenses, Aoxing Pharma recorded losses from operations of $2,300,366 and $4,565,272 for the three and nine month periods ended March 31, 2013, compared with losses from operations of $436,953 and $1,083,770 during the same periods a year earlier. Net losses for the three months ended March 31, 2013 were $2,729,350, and $6,313,526 for the nine months ended March 31, 2013.

On March 31, 2013, Aoxing Pharma had $2.7 million in cash on hand and a working capital deficit of $4,083,825, which represented a significant improvement over its working capital deficit of $9,112,842 at June 30, 2012.  The improvement occurred because Aoxing Pharma entered into a refinancing agreement with Beijing International Trust Co., Ltd., and replaced short-term loans of approximately $7.1 million with a two-year term loan of approximately $10.2 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, as well as by the faith that our lenders have shown in our business model, which has enabled us to significantly improve our balance sheet."

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 Pharma 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). Aoxing Pharma has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. For more information, please visit:

Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc.
Certain statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. To the extent that any statements made here are not historical, these statements are essentially forward-looking. The Company uses words and phrases such as "guidance," "forecasted," "projects," "is expected," "remain confident," "will" and/or similar expressions to identify forward-looking statements in this press release. Undue reliance should not be placed on forward-looking information. The economic, competitive, governmental, technological and other risk factors identified in the Company's filings with the Securities and Exchange Commission, specifically, Item 1A, "Risk Factors," in the Form 10-K for the year ended June 30, 2012, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

Aoxing Pharmaceutical Company:


SOURCE Aoxing Pharmaceutical Company, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Aoxing Pharmaceutical Company Announces Management Change
2. Aoxing Pharmaceutical Company, Inc. Declines To Comment On Market Activity
3. Aoxing Pharmaceutical Company, Inc. Announces Financial Results For First Quarter Of 2013 Fiscal Year
4. Aoxing Pharmaceutical Company, Inc. Announces Financial Results For Second Quarter Of 2013 Fiscal Year
5. Report Presents a Framework for Successful New Oncology Product Launches in the Pharmaceutical Sector
6. Savient Pharmaceuticals to Hold First Quarter 2012 Financial Results Conference Call on Wednesday, May 9, 2012
7. Pharmaceutical Industry Service Company Awarded The UKs Most Prestigious Business Accolade in Recognition of Outstanding Achievement in International Trade
8. Auxilium Pharmaceuticals to Present at the Deutsche Bank 37th Annual Healthcare Conference
9. Simcere Pharmaceutical Group to Announce First Quarter 2012 Financial Results on Wednesday, May 9, 2012
10. Nouveau Life Pharmaceuticals (HRID) Contracts with U.S. Manufacturer to Produce New Female Supplement
11. Thomson Reuters Launches New Mobile Oncology Decision Support Solution for R&D Pharmaceutical Leaders
Post Your Comments:
(Date:11/26/2015)... 2015 ) ... "Radioimmunoassay Market by Type (Reagents & Kits, ... Clinical Diagnostic Labs), Application (Research, Clinical Diagnostics), ... report to their offering. --> ... of the "Radioimmunoassay Market by Type ...
(Date:11/25/2015)... Nov. 25, 2015 ... of the "Global Brain Monitoring Devices ... --> ) has announced ... Monitoring Devices Market 2015-2019" report to ... Markets ( ) has announced the ...
(Date:11/25/2015)... Nov. 25, 2015  Amgen (NASDAQ: AMGN ) ... (BLA) with the United States ... a biosimilar candidate to Humira ® (adalimumab). Amgen ... submitted to the FDA and represents Amgen,s first BLA ... E. Harper , M.D., executive vice president of Research ...
Breaking Medicine Technology:
(Date:11/27/2015)... ... November 27, 2015 , ... According to an article ... Dental Association meeting in Washington D.C. revolved around the fact that proper dental care, ... The talk stressed the link between periodontal disease (more commonly referred to as gum ...
(Date:11/27/2015)... ... ... The rapid speed at which Americans are aging is ... needed, especially with Alzheimer’s, dementia and other cognitive conditions becoming more prevalent. Health ... of this equation: 80 percent of medical care occurs in the home, by ...
(Date:11/27/2015)... PA (PRWEB) , ... November 27, 2015 , ... ... how filthy the toilets were," said an inventor from Hillside, N.J. "Many people ... improved seat cover so that individuals will always be protected from germs." , ...
(Date:11/27/2015)... (PRWEB) , ... November 27, 2015 , ... ProSidebar: ... in Final Cut Pro X. With ProSidebar: Fasion, video editors can easily add ... ProSidebar as a minimalist title opener. Utilize presets featuring self-animating drop zones, lines, ...
(Date:11/27/2015)... ... November 27, 2015 , ... Intellitec Solutions ... SL User Group (MSDSLUG). Recognized as Microsoft’s official group for end users of ... SL software users, partners, industry experts and representatives. Intellitec Solutions’ membership status demonstrates ...
Breaking Medicine News(10 mins):