July 12, 2008 -- The ChinaBio® Investor Forum took place in Shanghai on July 7-8, the only such event devoted to China’s early-stage biomedical sector. More than 250 attendees gained insights from 24 speakers, and 21 early-stage companies presented their stories to 80 venture capitalists. Two of the presenting companies were honored with the “Most Promising Companies” award: Shenogen Pharma Group and Beyond Diagnostics. GlaxoSmithKline (NYSE: GSK) announced its plans to double its China-based R&D staff in the next year; American Oriental (NYSE: AOB) placed $115 million of convertible notes; Bio-Bridge Science (OTCBB: BGES) netted $2.8 million in a private placement; Commonwealth Biotechnologies (NSDQCM: CBTE) exercised a $1 million put with Venturepharm Labs (HKEX: 8225); AMDL (AMEX: ADL) signed a letter of intent to acquire a drug distributor; CRO Sundia MediTech was again named to the list of the 50 best China companies for investment; Bayer AG expects to increase its China revenues by more than 20% per year over the next five years; Helicon Group (ASX: HCG) received SFDA approval for ReCell®, a skin regeneration device; and China Sky One Medical (AMEX: CSY) received production approval for three injected products.
