NANTONG CITY, China, Oct. 21 /PRNewswire-Asia-FirstCall/ -- Sinobiopharma, Inc. (OCT Bulletin Board: SNBP) (“Sinobiopharma” or, the “Company”) is pleased to present the following highlights from the unaudited financial results for the first quarter ended August 31, 2009.
The highlights feature record revenues and increases in both gross margin and net profit, and a Company milestone of posting its first overall net profitable quarter since the second quarter 2008, according to Dr. Lequn Lee Huang, Sinobiopharma President and CEO.
“Sinobiopharma has reached two important milestones,” said Dr. Huang. “First, its wholly owned operating subsidiary, Dong Ying (Jiangsu) has recorded more than one half million USD net income in a quarter; and second, the Company has posted an overall net profitable result in its consolidated financial statement for the first time since the second quarter 2008.”
“The increases in sales revenue, as well as those in gross and net profit, are clear indicators that more hospitals are choosing our products over those of our competitors, that our continuing efforts to control costs are succeeding, and that our sales and marketing efforts are bearing fruit. We will continue executing on our plan to improve production efficiencies while expanding sales and marketing to ensure that more patients benefit from our products,” said Dr. Huang.
About Sinobiopharma
Sinobiopharma, Inc. is a fully integrated and highly innovative specialty biopharmaceutical company engaged in the research and development, manufacture and marketing of biopharmaceutical products in China, the world’s fastest growing pharmaceutical market. Known as Dong Ying (Jiangsu) Pharmaceutical Co., Ltd. in China, the Company’s current therapeutic focus is on anesthesia-assisted agents and cardiovascular drugs.
FORWARD LOOKING STATEMENTS
This news release may include “forward-looking statements” regarding Sinobiopharma, Inc., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiopharma, Inc. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiopharma, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
SOURCE Sinobiopharma, Inc.
CONTACT: Sinobiopharma, Inc., Investor Relations, +1-917-733-0346
