PRINCETON, N.J., April 2 /PRNewswire-FirstCall/ -- China Biopharma, Inc. , a biopharmaceutical company, announced today its financial results for the year ended December 31, 2006. Full details can be found in the Company’s Form 10-KSB filed at http://www.sec.gov.
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. As a result of the Company’s transition to the Chinese biopharmaceutical industry and its exit from value-added communications services in the U.S., substantially all of the Company’s revenue during 2006 was generated from its vaccine distribution business.
Chairman and CEO of China Biopharma, Inc., Peter Wang, stated, “We are excited to re-position the Company to take advantage of ongoing, multiple opportunities in the global biopharmaceutical market. While 2006 primarily focused on distributing seasonal flu vaccines, we are now focused on penetrating several, multi-billion dollar pharmaceutical verticals on a global basis. We are forming strategic partnerships to diversify and expand our product portfolio to include other preventive vaccines and immunotherapeutic drugs. We are leveraging our established distribution channels to form alliances with large, global pharmaceutical companies such as Takeda to bring their breakthrough drugs to the international marketplace. We believe our efforts will result in aggressive revenue growth in 2007. We expect revenues to approach $10 million in 2007.”
China Biopharma plans to distribute additional preventive vaccines to the Chinese Center for Disease Control and Prevention once they become available, including vaccines for Japanese Encephalitis, Hepatitis B, certain allergies and rabies. In 2007, China Biopharma will also begin marketing its first intravenous therapeutic drug Immunoglobulin (IVIG) for the treatment of autoimmune diseases. Through its subsidiary, Hainan CITIC Bio-Pharmaceutical Development Co., Ltd., the Company may also utilize its distribution platforms and logistics to distribute other medical products and to provide logistic services for other biopharmaceutical companies.
About China Biopharma Inc.
China Biopharma Inc. is a fast-growing biopharmaceutical company based in China. Through its operating subsidiaries, the Company develops and distributes human vaccine products throughout the world’s most populated country, China. Products include human vaccines against influenza, hemorrhagic fever, Japanese Encephalitis, certain allergies and rabies. Leveraging its investment and ownership of local Chinese biopharmaceutical companies, and partnerships with international vaccine providers, China Biopharma is building a highly-competitive platform for growth in China as well as new markets, including the U.S. and Europe. For more information, visit its website at http://www.chinabiopharma.com.cn.
CONTACT: At the Company: George Ji China Biopharma, Inc. Tel: +1 (609) 651-8588 ir@chinabiopharma.nethttp://www.chinabiopharma.com.cn Investor Relations: OTC Financial Network Peter Clark Tel: +1 (781) 444-6100x629 peter@otcfn.com Safe Harbor Statement
Some of the statements made in this press release 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; or investor relations, Peter Clark of OTC FinancialNetwork, +1-781-444-6100, x629, peter@otcfn.com for China Biopharma, Inc.
