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So basically, the cash flow is rubbish, as per most companies dealing with Chinese hospitals. otherwise it's interesting..
rich
I started a small position today at .235...looks like minimum downside risk and a great potential
I just tripled down @$0.24
The CEO & CFO have a excellant background & have shown the capibility to develop & bring new drugs to market.
I don't think people at the top as knowledged as these two will continue to dilute the pps to the point it would be counter productive to eps.
If I am proven wrong so be it but with a flagship product that in my view will continue to grow quite rapidly with many more excellant products about to be launched from a pipeline of new drugs some gained via the issuing of stock in liew of spending needed cashflow.
I see this years projected eps of $0.05 as realistic to expect & barring further strong dilution eps could very well double over each of the next two years as the pipeline releases new drugs & their flagship drug gains worlwide recognition since it costs about $15 while a simular drug about to lose patend protection in the U.S. cost about 6x more.
My dd points to a great future in the making for this company but don't rely on my opinion but do please add yours as well.
Tightlines1,
Thanks a lot! Very important info you noted. I like what I see so far. So many of the Chinese stocks are floundering and with SNBP having just put out an earnings report, I wonder if the share price will just start to drift down. I'm trying to get out of XNYH for this very reason--plus last quarter once they made their announcement it was three months of steady decline. This quarter it shot up nearly 50% and yet already it has retraced 40% or so in something like 3 weeks. Here with SNBP there's better volume and a significantly larger market cap. So with both trading at .25 and SNBP clocking in such nice growth, seems like it could be a good reshuffling. Anyway, I very much appreciate your comments.
Steve
This is from SBNP's website for what it is worth.
"Extremely low-cost: GSK sells its version of the drug globally for $99 an injection; Sinobiopharma profitably sells its formulation in China for under $15. The Company intends to patent and market its API and new formulation worldwide and in the U.S. when the patent on GSK's version expires there in 2010. The global market is valued at US$1 billion."
Bullnovice,
Thanks for that link. The dramatic increase in revenue is great. Is anyone worried that this is essentially a one trick pony? Cisatracurium Besylate constitued 98.5% of their revenue! Also, I Googled this drug and it said "Cisatracurium Besylate’s innovator is GlaxoSmithKline-HQ-Europe and is marketed world-wide by the brand names: Nimbex® and Nombexir"
http://www.tapi.com/tapiteva/productPages/Cisatracurium_Besylate
I'd hate to have such a huge company as GlaxoSmithKline as a competitor. Likewise, I would have thought if SNBP invented a unique drug they would not have named it and spelled it exactly the same as GlaxoSmithKline's. Presumably I'm missing something fundamental here. But it did give me pause. Can you shed some light on the matter?
Thanks,
Steve
SNBP.. $0.26
Sinobiopharma Announces Third Quarter 2010 Net Income of $0.9 Million
PR Newswire - Apr 19 at 08:30
Company Symbols: NASDAQ-OTCBB:SNBP
NANTONG CITY, China, April 19 /PRNewswire-Asia-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP) ("Sinobiopharma" or "the Company), a fully integrated and highly innovative specialty pharmaceutical company engaged in the research and development, and the manufacture and marketing of biopharmaceutical products in China, has announced its financial results for the third quarter ended February 28, 2010.
Q3 2010 Highlights
-- Total revenue increased 145% year-over-year to approximately $2.0
million from $0.8 million in the comparable period of 2009.
-- Gross margin increased 172% year-over-year to approximately $1.6
million, or 81% of sales from $0.6 million, or 73% of sales for the
same period of 2009.
-- Operating income increased $1.8 million to approximately $1.0 million
from a loss of $0.8 million for the same period of 2009.
-- Income before income tax expense increased $1.8 million to
approximately $1.0 million from a loss of $0.7 million for the same
period of 2009.
-- Industry leading operating margins of 52%. Net income increased $1.7
million to approximately $0.9 million from a net loss of approximately
$0.7 million in the third quarter of 2009.
-- EPS of $0.01 compare to $(0.01) for the same period 2009. The EPS for
the nine month period ended February 28, 2010 is $0.03 compare to
$($0.02) for the same period 2009
-- Revenue from Cisatracurium Besylate (marketed as "KuTai" in China)
increased 164% to approximately $2.0 million, or 98.5% of sales from
$0.7 million, or 91.5% of sales in the same period of 2009.
-- First quarter of positive working capital and $8.7 million in
Shareholder&;s equity.
-- Net worth increased dramatically from $776,831 at May 31, 2009 to
$8,998,121 at February 28, 2010. Total assets increased by $5,458,792,
from $5,956,443 at May 31, 2009 to $11,415,235 at February 28, 2010.
Dr. Lequn Lee Huang, Sinobiopharma&;s Chairman and CEO commented on the third quarter results: "Despite slower sales during the Chinese New Year holiday in February, we continued to achieve excellent revenue and net income growth. The steady performance demonstrated that the market has a proven need for our products and that our marketing efforts have started to yield positive results."
Third Quarter 2010 Results
Sales increased 145% to $1,993,412 for the three months ended February 28, 2010, from $813,326 for the three months ended February 28, 2009.
Gross margin increased 172% to $1,612,613 (81% of sales) for the three months ended February 28, 2010, from $592,311 (73% of sales) for the three months ended February 28, 2009.
The increase in sales was due to the continuing growth in sales of Cisatracurium Besylate. Sales of this product increased to $1,964,287 for the three months ended February 28, 2010, from $744,338 for the three months ended February 28, 2009, representing 98.5% of sales and 91.5% of sales for the three months that ended February 28, 2010, and February 28, 2009, respectively.
Operating expenses for the three months ended February 28, 2010 were $593,045, representing a 57% decrease as compared to $1,365,359 for the three months ended February 28, 2009. The decrease is primarily attributable to the stock option expense of $972,375 charged in the third quarter of 2009. There was no stock-based compensation expense for the three months ended February 28, 2010.
Income before income tax increased by $1,763,635 from a loss of $725,316 for the third quarter 2009 to $1,038,319 for the third quarter of 2010.
Income tax expense was $97,096 for the third quarter 2010; there was no income tax expense for the same period last year. The Company started to be subject to income tax with half tax rate beginning January 1, 2010. The applicable tax rate for this year is 11%.
Net income increased $1,666,539 from a net loss of $725,316 for the three months ended February 28, 2009 to a net income of $941,223 for the three months ended February 28, 2010. The increase in net income was due to the increase in sales and decrease of the stock-based compensation expense.
Earning Per Share was $0.01 compared to $(0.01) for the same period 2009.
Results for the nine months that ended February 28, 2010
Sales increased 100% to $5,424,647 for the nine months ended February 28, 2010, from $2,715,702 for the nine months ended February 28, 2009.
Gross margin increased 137% to $4,295,844 (79% of sales) for the nine months ended February 28, 2010, from $1,815,491 (67% of sales) for the nine months that ended February 28, 2009.
The increase in sales was due to the continuing growth in sales of Cisatracurium Besylate. Sales of this product increased to $5,261,860 for the nine months ended February 28, 2010, from $2,529,517 for the nine months ended February 28, 2009, representing 96% of sales and 93% of sales for the nine months that ended February 28, 2010, and February 28, 2009, respectively.
Operating expenses for the nine months ended February 28, 2010 were $1,859,986, a decrease of 45% as compared to $3,354,149 for the nine months ended February 28, 2009. The decrease is primarily attributable to the decrease of $1,620,625 in the stock-based compensation of $324,125 for the nine months ended February 28, 2010, compared to $1,944,750 for the nine months ended February 28, 2009. The stock options have been fully vested and expensed as of August 31, 2009.
Net income increased $3,874,632 from a net loss of $1,622,692 for the nine months ended February 28, 2009 to net income of $2,251,940 for the nine months ended February 28, 2010. The increase in net income was due to the increase in sales and decrease of the stock-based compensation expense.
Earning Per Share was $0.03 compared to $(0.02) for the same period 2009.
Financial Position
As of February 28, 2010, the Company had $790,142 in cash. Operating activities have generated $986,716 cash during the nine-month period that ended February 28, 2010. Working capital became positive in the period ended February 28, 2010 for the first time since the reverse take over in 2008. During this quarter, the Company raised $1,500,000 capital through a private placement. The Company has partially repaid the bank loan using funds from the placement, reducing an outstanding bank loan balance to $220,050. Net worth increased dramatically from $776,831 at May 31, 2009 to $8,998,121 at February 28, 2010. Total assets have increased by $5,458,792, from $5,956,443 at May 31, 2009 to $11,415,235 at February 28, 2010.
Business Outlook
Dr. Huang expressed the Company&;s satisfaction with its third quarter results. "The numbers show the growing strength of our financial performance and position," he said. "They also show the soundness of our strategy as we prepare to take the Company to the next level."
About Sinobiopharma
Sinobiopharma Inc. is a fully integrated and highly innovative specialty pharmaceutical company engaged in the research and development, manufacture and marketing of biopharmaceutical products in China, one of the world&;s fastest growing pharmaceutical markets. 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.
-- FINANCIAL TABLES FOLLOW -
SINOBIOPHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
February 28, May 31,
2010 2009
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $790,142 $891,132
Accounts receivable, net 1,131,625 208,673
Notes receivable -- 5,505
Inventories 835,901 547,317
Advance payments 210,730 39,825
Other receivables 298,904 --
Total Current Assets 3,267,302 1,692,452
Advance payment for intangible assets
to a shareholder 987,780 253,760
Property, plant and equipment, net 2,772,304 2,691,258
Intangible assets, net 4,387,849 1,318,973
$11,415,235 $5,956,443
LIABILITIES AND STOCKHOLDERS&; EQUITY
CURRENT LIABILITIES
Accounts payable $369,391 $655,064
Short-term bank loans 220,050 732,000
Loans from government 1,420,569 1,844,193
Amounts due to shareholder 256,725 1,169,032
Advances from customers 102,946 136,755
Amounts due to Related party -- 256,200
Income taxes payable 97,136 --
Other payables 290,297 386,368
Total Current Liabilities 2,757,114 5,179,612
Commitments and Contingencies
STOCKHOLDERS&; EQUITY
Common stock; $0.0001 par value;
2,500,000,000 shares authorized;
117,587,608 shares issued and
outstanding at February 28, 2010
and 79,920,000 shares at May 31, 2009 11,759 7,992
Additional paid-in capital 13,853,827 8,254,991
Accumulated deficit (5,459,339) (7,711,278)
Accumulated other comprehensive income 251,874 225,126
Total Stockholders&; Equity 8,658,121 776,831
$11,415,235 $5,956,443
SINOBIOPHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended Nine Months Ended
February 28, February 28,
2010 2009 2010 2009
SALES $1,993,412 $813,326 $5,424,647 $2,715,702
COST OF GOODS SOLD 380,799 221,015 1,128,803 900,211
GROSS MARGIN 1,612,613 592,311 4,295,844 1,815,491
OPERATING EXPENSES
Selling expenses 144,956 116,148 394,309 283,483
Research and development 30,683 27,352 317,396 157,771
Depreciation and
amortization 59,241 22,591 209,798 126,564
General and
administrative expenses 358,165 1,199,268 938,483 2,786,331
593,045 1,365,359 1,859,986 3,354,149
INCOME/(LOSS) FROM
OPERATIONS 1,019,568 (773,048) 2,435,858 (1,538,658)
OTHER INCOME/(EXPENSES)
Interest income 1,896 363 7,070 1,059
Interest expense (38,193) (53,544) (148,278) (181,017)
Other expenses 55,048 100,913 54,386 95,924
18,751 47,732 (86,822) (84,034)
INCOME/(LOSS) BEFORE
INCOME TAX EXPENSE 1,038,319 (725,316) 2,349,036 (1,622,692)
INCOME TAX EXPENSE (97,096) -- (97,096) --
NET INCOME/(LOSS) 941,223 (725,316) 2,251,940 (1,622,692)
OTHER COMPREHENSIVE
INCOME/(LOSS)
Foreign Currency
Translation Adjustment 5,209 4,438 26,748 12,279
COMPREHENSIVE INCOME
/(LOSS) $946,432 $(720,878) $2,278,688 (1,610,413)
Earnings/ (loss) per share:
Basic and diluted $0.01 $(0.01) $0.03 $(0.02)
Weighted average shares
Used in computation:
Basic and diluted 104,117,920 79,900,000 87,950,083 79,900,000
SINOBIOPHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended Feb 28,
2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss) $2,251,940 $(1,622,692)
Adjustments to reconcile net
income/(loss) to net cash provided
by/(used in) operation activities
Depreciation and amortization 318,412 226,739
Loss on disposition of property
and equipment -- 426
Stock-based compensation 324,125 1,944,750
Imputed interest expense on
shareholders&; loans 15,864 56,722
Amortization of discount in
interest expenses 68,235 105,311
Common shares issued for
consulting services 33,000 --
Gain from discount of no-interest loans (55,694) (96,364)
Changes in assets and liabilities:
Notes receivable 5,600 --
Accounts receivable, net (920,879) (135,538)
Inventories (264,843) 12,992
Advance payments (170,993) --
Other receivables (297,856) (194,091)
Accounts payable (286,315) (206,796)
Advance from customers (34,120) (206,828)
Income taxes payable 97,096 --
Other payables (96,856) 146,138
Net Cash Provided by Operating Activities 986,716 30,769
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment (323,472) (138,320)
Advance payments for purchase of
intangible assets (731,317) --
Net Cash Used in Investing Activities (1,054,789) (138,320)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans 2,194,608 731,000
Subscription received for issuing stock -- 20,000
(Repayment) proceeds from
shareholder loans (651,694) 162,694
Repayment of bank loans (3,148,381) (576,800)
Repayments of loans by related parties -- 5,712
Proceeds from common stock issued 1,600,000 --
Payment for common stock issuance costs (15,000) --
Net Cash (Used in)/Provided by
Financing Activities (20,467) 342,606
EFFECT OF FOREIGN CURRENCY
FLUCTUATION ON CASH (12,450) (1,171)
NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS (100,990) 233,884
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD 891,132 267,327
CASH AND CASH EQUIVALENTS - ENDING
OF PERIOD $790,142 $501,211
Supplemental cash flow information:
Cash paid for interest expense $54,896 $--
Non-cash investing and financing Activities
100,000 common shares issued in exchange
of consulting service received $33,000 $--
17,500,000 common shares issued in
exchange of intangible assets $3,136,500 $--
4,234,275 common shares issued
to settle debts $508,113 $--
SOURCE Sinobiopharma, Inc.
P.R. highlighting their fantastic 3rdQ. I wonder if it will garner some attention even 7 days after filing their 10Q? one can hope.
http://ih.advfn.com/p.php?pid=nmona&cb=1271680905&article=42433555
Your asking the wrong question. snbp has added a lot of shares for the market to digest & it will take a little time for those shares to be obsorbed.
In the meantime growth should continue with eps of $0.05 projected in 2010 followed by $0.09= in 2011 in spite all the added shares.
That gives snbp a forward p/e of 3 the current pps.
And with many new drugs & their flagship product making the governments reimbursement list this explosive upward pressure will build on the current pps.
I suggest you do your own dd & then decide without asking questions that can only be answered by those that are controling the current pps & trying to keep it down until the needed volume of buys arrives from a hedgefund or two.
I wouldn't wait to long on doing some useful dd as I just started buying yesterday & am far done.
Question for the experts!?! How is it that SNBP has all buys today, yet still has a bid of .205?
Was able to buy all I wanted today @$0.26 seems the ample supply of shares is keeping the pps down in spite the excellant growth results this fiscal year.
Take a look at wkbt it has a very small float with excellant growth.
They had eps of $0.62 in 2009 up from $0.29 in 2008.
I now have two rapid growing China stocks in the same field one with a large growing float & one with a small controled float since one institutional investor owns most of the shares.
I am interested to see which makes me the most money in 2010.
I started a position today buying up to $0.27.
I like that their flagship product gained approval & more new drugs are being developed.
why so much selling when the 10Q looks so great??? i swear the stock gods are against me. lol.
Exactly jmurfk - Speculation about future earings is fine in its place, but real earnings now are even better.
It's nice to see a few with real earnings every once and a while. GLTU
Thanks for posting jmurfk - I bought some in November, and again in January after reading a 'pump & dump' type posting about SNBP. Looked interesting - although I don't have the persona for a trader/flipper.
But only actually bought in at first after I did a bit of checking on my own. I'll probably try and about double the amount I am holding before mid Summer.
They look small - but interesting enough to add now and again.
I'm not in. Just saw the financials posted and scanned them.
Nice. It will be interesting to watch tomorrow. Any guesses?
Decent Q out on this one. Assets doubled and liabilities cut in half, yoy. Revs tripled yoy. Almost $1mil net.
OS raised though only giving .01 EPS.
Poor volume isn't always the case tho'...last time it went .80-.90 it was a daytraders dream.(Last year.)
I did multiple flips from .40'ish to .90 last time around, I say we hit at least .80 again.
CEO traded intellectual properties, (I.E. patents for freeze-drying crystals of drugs..eliminating the need for refidgeration of the drugs after MFG.)...for stock, now the company owns those patents. I think that shows faith in the company. JMO.
Cisatracurium besalate is thier biggest selling product, now covered by the state-run health program. They did depend too much on this main product...too early.
They also expanded production capacity, and may have moved too soon in that direction, but they also got some tax-credits that were due to expire.....They are now utilizing that production capacity and have new patents aquired thru stock disbursement.
They traded some stock for certificates for drug-trials. To me this was the same as a bribe, but not out of context with the culture in Asia. The machinery is in place for this company to succeed, needs some good PR's to oil it and get it moving.
All is JMHO, GLTY.
I hold shares I intend to hold. The company manages to pull a slightly larger profit each new quarter.
Depends on whether you are looking for a stock to hold while the company grows or something to trade & flip. Volume stinks for short-term trading.
I had to jump in at .2. Too much upside here.
the float is still 100 million shares, they have authorized 2.5 billion as they did from the begining from there 50 for 1 forward split nothing has changed read reports carefully people there trying to shake people.
Darned if I know Tony - Was thinking about buying at least a few hundred more shares this Spring but haven't seen any news or movement since the last quarterly.
A bounce to $0.8 would be greatly appreciated though.
SNBP 80 cents price target by May 19?
Just curious why we are still at 25 cents with Zacks giving this an 80 cent 6th month price target on November 19th which means May 19th a little over a month away. They did not factor in the CEO giving himself additional shares but we are still way off the mark here. We should be getting 1st quarter results the 3rd week of April I am guessing so should we expect a huge bounce here soon. Amazing that we are still at 25 cents or what is wrong with this investment. Comments welcome and good luck to everyone. Link for Zacks is below for newbies.
http://www.medindia.net/health-press-release/Zacks-Equity-Research-Initiates-Coverage-on-Sinobiopharma-52608-1.htm
Steven,
This has been a favorite of mine for some time. They need to improve their cash position, but the increase in sales and earnings looks to be on the mend. I would also mention that the government funding for many of their drugs is very beneficial. They also have a number of new drugs in the pipeline which should come on later in the year.
I am not a stock prognosticator, nor do I confess to be such, but this company has slowly improved many areas of their business. Their products are real, so we are not dealing with a pink. Long term I'm holding for .80-.90 over the next 12-18 months. It's simply my opinion, thanks!
Thanks Harley. I picked up 10k as I liked how therevenues were up considerably last Q. Is this something we can expect with the government allowing SNBP in the reimbursement announcement?
What are your expectations going forward?
StevenRisk,
No they have many products, and new products in development. A number of their products are on the Chinese list of preferred Pharmaceticals which are provided by the government. This is definitely not a one product company. Here is a newswire:
Basic Insurance to Cover 90 Percent of China's Urban Population of 600 Million by the End of 2010
NANTONG, China, Feb. 1 /PRNewswire-Asia/ -- Sinobiopharma, Inc. ("Sinobiopharma" or, the "Company") (OTC Bulletin Board: SNBP) is pleased to announce that the Chinese government has approved the Company's flagship product, KuTai (Cisatracurium Besylate), for coverage under National Basic Medical Insurance, Employment Injury Insurance and Maternity Insurance (2009 Edition).
KuTai (Cisatracurium Besylate), on the market since 2006, had not been covered by any medical insurance before the Chinese government granted approval for its inclusion on the list of insured drugs on November 27, 2009. Before coverage was approved, patients who chose KuTai, a lasted generation skeletal muscle relaxant used for surgery, did so at their own expense. National Basic Medical Insurance will now provide for patients to be reimbursed for any use of KuTai. Under China's healthcare reform plan, more than 90 percent of its urban population of 600 million will be covered by National Basic Medical Insurance by the end of 2010.
Typically, the Chinese government observes the performance of new generation drugs in the market for several years to ensure their safety and efficacy profile is well established before considering them for inclusion on the list of insured pharmaceuticals. Following Sinobiopharma's launch of this latest generation of muscle relaxant in China in 2006, KuTai has became one of the market growth leaders and is now used in more than 1,000 hospitals located in almost every province.
"We are very pleased that KuTai has finally been approved for insurance coverage," said Dr. Lequn Lee Huang, Sinobiopharma CEO. "All of KuTai's competitor drugs, earlier generation muscle relaxants, were covered by insurance. But even with this reimbursement disadvantage, KuTai still managed to gain significant market share because of its greater efficacy and superior safety profile. KuTai's inclusion on the list of insured drugs eliminates this reimbursement disadvantage. We expect the provision of insurance coverage will drive a significant increase in KuTai's sales volume and further gains in market share."
I hope this helps!!!
I would like to know if this isa (!)one product company or doesif have more products. The sales appear to be taking off. I don't understand why the stock is doing absolutely nothing. Any ideas or comments welcome.
Nice gain in PPS, don't stop now...Run for it into the close. .28 would be a great start on a short week.
I'm going to be out 'till afternoon, may be back around mkt close.
China has announced a $124 billion budget to improve it's healthcare system.
That project began in 2009 and will continue until 2011.
The goals of the program are to provide universal medical service to China’s 1.3 billion population.
The government also wants to launch a new Rural & Urban Cooperative Medical Insurance System which will cover at least 90% of China's population by 2011.
The Chinese government has approved the construction of 30,000 new hospitals, clinics and healthcare centers.
That type of growth has the Chinese pharmaceutical market forecast to reach $30 billion by 2013 and it positions China to become third largest drug market (behind U.S. and Japan).
It certainly can't hurt. Stock has been strengthening and shows good upward mobility. This is exactly the kind of news we need!
This is big time news get ready to break out...
China's Basic Medical Insurance to Cover Sinobiopharma's Flagship Product
8 minutes ago - Pr Newswire
Related Companies
Symbol Last %Chg
SNBP 0.28 0.00%
As of 3:49 PM ET 1/29/10
Sinobiopharma, Inc. ("Sinobiopharma" or, the "Company") (OTC Bulletin Board: SNBP) is pleased to announce that the Chinese government has approved the Company's flagship product, KuTai (Cisatracurium Besylate), for coverage under National Basic Medical Insurance, Employment Injury Insurance and Maternity Insurance (2009 Edition).
KuTai (Cisatracurium Besylate), on the market since 2006, had not been covered by any medical insurance before the Chinese government granted approval for its inclusion on the list of insured drugs on November 27, 2009. Before coverage was approved, patients who chose KuTai, a lasted generation skeletal muscle relaxant used for surgery, did so at their own expense. National Basic Medical Insurance will now provide for patients to be reimbursed for any use of KuTai. Under China's healthcare reform plan, more than 90 percent of its urban population of 600 million will be covered by National Basic Medical Insurance by the end of 2010.
Typically, the Chinese government observes the performance of new generation drugs in the market for several years to ensure their safety and efficacy profile is well established before considering them for inclusion on the list of insured pharmaceuticals. Following Sinobiopharma's launch of this latest generation of muscle relaxant in China in 2006, KuTai has became one of the market growth leaders and is now used in more than 1,000 hospitals located in almost every province.
"We are very pleased that KuTai has finally been approved for insurance coverage," said Dr. Lequn Lee Huang, Sinobiopharma CEO. "All of KuTai's competitor drugs, earlier generation muscle relaxants, were covered by insurance. But even with this reimbursement disadvantage, KuTai still managed to gain significant market share because of its greater efficacy and superior safety profile. KuTai's inclusion on the list of insured drugs eliminates this reimbursement disadvantage. We expect the provision of insurance coverage will drive a significant increase in KuTai's sales volume and further gains in market share."
Link to 8K, 01/25/10. Per request.
http://ih.advfn.com/p.php?pid=nmona&cb=1264540156&article=41250396&symbol=NB%5ESNBP
You should sticky the news from yesterday, haven't been here long, but that seems to be some good news to me..
Current report filing (8-K)
Would be great to see more intrest in this across the Ihub boards, we are doing some good volume today. If this pulls back this week, I will be adding in the dips. I am sure as the Chinese government goes forward on its state-healthcare program, SNBP will benifit from a larger share of that market.
They already have invested in thier manufactoring capacity, and those costs have been absorbed. GLTA.
Yeah, I picked up some this morning, I liked the news and the chart is set up just right for it...
Looking good so far, up 11%, slow and steady...
yeah, saw that sorry. this should deliver a pop today
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117,587,608 as of 01/20/2011 (By Quotemedia) ......an increase of 17.6 million(Approx) from split for compensation for itellectual-propertys and services.
After a distinguished 20-year medical career in the U.S. that saw him become the Principal Scientist at Bayer's Pharmaceutical Division Research Centre in New Haven, CT, Dr. Lequn Huang returned to his native China to become founding Chair of Dong Ying Pharmaceutical Co. Ltd. in 2004.
He proceeded to recruit R&D and management teams to accelerate the growth of Dong Ying into a premier developer and manufacturer of innovative pharmaceuticals for the Chinese domestic and international markets.
Headquarters and a 30,000 sq. meter SFDA GMP-certified production facilities are located in the Nantong Economic and Technology Development Zone, which qualifies Sinobiopharma for extensive tax benefits. R&D labs are located in Nanjing, a major R&D centre with several universities and research institutes. A nationwide distribution network enables Sinobiopharma to market its products in every major city in China.
Dr. Lee Huang, "The market has shown a strong need for our flagship product, KuTai-(cisatracurium b.)
and the sales increases from this product are expected to continue for the next 2 years."
These upgrade were done to facilitate the expected increases in orders, and to provide economies of
scale. Production of cisatracurium besylate at the Dongying facility was uninterupted.
Current output could be doubled at anytime without the need for additional expenditures for new equiptment.
Financial highlights include:
2010 fiscal year
Sales revenue increased to $1,902,376 for the six months ended November 30, 2008 from $583,748 in the corresponding period in 2007.
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