PRINCETON, N.J., May 17 /PRNewswire-FirstCall/ -- China Biopharma, Inc. announced its corporate update today, stating that the Company is making steady progress with its operations in China. For the year ended December 31, 2006, total revenues increased by 216% to $1.2 million from $380,519 in total revenues for the fiscal year ended December 31, 2005. Revenue also increased by $150,625 for the first quarter ended March 31, 2007 compared to $0 for three months ended March 31, 2006. As a result of the Company's transition to the Chinese biopharmaceutical industry and its exit from value-added telecommunications services in the U.S., substantially all of the Company's revenue during 2006 and first quarter of 2007 were generated from its vaccine distribution business.
The company has now completed the formation of its distribution and development platforms, including related acquisitions. Its distribution system now covers more than 200 cities in China. The company is also preparing to submit its registration application for a new therapeutic vaccine product to the State Food and Drug Administration (SFDA) of China. Working in tandem with select global corporations, China Biopharma is poised to bring new products into the ever-expanding China marketplace through its enhanced distribution and development platforms. The company expects to add one or two new vaccine products to its product line this year. Efforts are underway to form additional distribution partnerships with more global suppliers to distribute their vaccine products throughout this market.
In addition to its current line of vaccines, the Company is actively engaged in extending its scope to include other biopharmaceutical product lines. One of these is Intravenous Immunoglobulin (IVIG), a plasma product which has proven effective in treating several immune system disorders, including nearly all autoimmune conditions such as CIDP and GBS. The market demand for IVIG has been relatively high in recent years. Having already established relations with the local IVIG suppliers, China Biopharma is currently working with global IVIG distributors to meet the regulatory requirements for product filings and registrations within certain countries and regions where the Company intends to distribute and sell the product. The Company expects that sales and delivery of IVIG products will commence within this calendar year.
Recently the company has also added new top executives to its management team with extensive experience in pharmaceutical and financial areas.
CONTACT: China Biopharma, Inc. Attn.: George Ji Tel: +1 (609) 651-8588 ir@chinabiopharma.nethttp://www.chinabiopharma.net
Safe Harbor Statement
Some of the statements here discuss future events and developments, including the Company's future business strategy and its ability to generate revenue, income and cash flow, and should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements can generally be identified by words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," and similar expressions. These statements involve a high degree of risk and uncertainty that exists in the Company's operations and business environment and are subject to change based on various factors that could cause actual Company results, performance, plans, goals and objectives to differ materially from those contemplated or implied in these forward-looking statements. Actual results may be different from anticipated results for a number of reasons, including the Company's new and uncertain business model, uncertainty regarding acceptance of the Company's products and services and the Company's limited operating history.
China Biopharma, Inc.
CONTACT: George Ji of China Biopharma, Inc., +1-609-651-8588,ir@chinabiopharma.net
Web site: http://www.chinabiopharma.net//
