XIANYANG, China, Nov. 14, 2014 /PRNewswire/ -- Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) (“Biostar” or “the Company”), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced its financial results for the third quarter ended September 30, 2014.
Highlights for the Third Quarter 2014
- Net sales decreased by approximately $400,000 or 2.4% compared to the same period in 2013
- Gross profit increased slightly by approximately $36,000 or 0.5% for the three months ended September 30, 2014
- Cash, cash equivalents totaled $7.80 million as of September 30, 2014 compared to $80,072 as of December 31, 2013
- Revenue from hospital products grew 76.4% to $3.10 million from $1.76 million compared to the same period of last year.
Mr. Ronghua Wang, Chairman and CEO of Biostar Pharmaceutical, commented, “In the past six months, we launched production of several new drugs which resulted in the revenue increases in from Aoxing new products in this quarter by 253.5%, as compared to the same period last year. Strengthening of the marketing campaign of our new products is intended to capture a larger market share in this industry,” he continued. “In addition, the gross margin of Xin Ao Xing Oleanolic Acid Capsule, our flagship drug for the treatment of chronic Hepatitis B virus (HBV), increased to 82.8% from 58.6%.”
“In the last three months of 2014, we are in the process of building our sales team to market Biostar’s proprietary drug products to hospitals,” Chairman Wang continued. “We continue our focus on new drug development and innovative sales and marketing as we believe it contributes to the strength of our Company going forward,” he concluded.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. The Company’s most popular product is its Xin Aoxing Oleanolic Acid Capsule, an over-the-counter (“OTC”) medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. For more information please visit: http://www.biostarpharmaceuticals.com.
Safe Harbor Relating to the Forward-Looking Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The company uses words and phrases such as “guidance,” “forecasted,” “projects,” “is expected,” “remain confident,” “will” and similar expressions to identify forward-looking statements in this press release, including forward-looking statements. Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Biostar and described in the forward-looking information contained in this news release.
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