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Sinovac Reports Unaudited First Quarter 2011 Financial Results
Date:5/13/2011

BEIJING, May 13, 2011 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited first quarter financial results for the period ended March 31, 2011.

First Quarter 2011 Financial Highlights

  • Sales increased 5.3% year-over-year to $4.7 million, compared to $4.4 million. Excluding H1N1 vaccine, sales rose 50% compared to the prior year period.

  • Cash and cash equivalents totaled $91.0 million as of March 31, 2011, compared to $101.6 million as of December 31, 2010.

  • Business Highlights

  • Sinovac has enrolled 168 healthy volunteers in three different groups (36 adults, 36 young children and 96 infants) in the Phase I clinical trial for EV71 vaccine. The inoculations with different dosages have been completed in the young children group and are underway in the infant group, which is expected to be completed in the next few weeks. The preliminary results showed good safety and tolerance profile without severe adverse reaction.

  • In April 2011, Sinovac submitted the application to the SFDA to commence clinical trials for its rubella vaccine.  

  • In April 2011, the Ministry of Agriculture (MOA) conducted the final GMP site inspection of Sinovac's animal rabies vaccine production plant in Tangshan Yian, which was conducted under the production mode.  The preliminary site inspection results were positive and are subject to a public notification period that ends on May 18, 2011, after which Tangshan Yian will apply for the GMP Certificate, the New Drug Certificate and the production license in advance of commercializing the vaccine.

  • Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "Following the adjustment to our sales strategy and sales team structure, our sales in China rebounded during t
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    SOURCE Sinovac Biotech Ltd.
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