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April 7/09 -- Biostar Pharmaceuticals, Inc. ("Biostar" or the "Company") (OTC
Bulletin Board:
BSPM) today reported financial results for the 12 months ended December 31,
2008.The Company reported revenue of $33,910,922 for the year ended December
31, 2008 as compared to $15,887,486 for 2007... which
represents an increase in revenue of approx. 113%. Net Income for 2008
was $6,690,542, or $0.22 per share on a fully diluted basis, versus $3,963,524
and $0.19 per share, respectively, for 2007.
This increase in revenue and net income reflects an increase in sales of all
five of Biostar's State Food and Drug Administration ("SFDA") approved drugs,
most notably the Xin Aoxing Oleanolic Acid Capsule, the only SFDA- approved,
over-the-counter (OTC) treatment for hepatitis B. The increase in sales is also
attributed to the continued implementation of the Company's "Blue Sea" project,
which markets products directly to consumers in rural China through retail
pharmacies at higher retail prices. Domestic PRC customers account for 100% of
Biostar's sales.
Ronghua Wang, Chairman and Chief Executive Officer of the Company, stated, "I
am quite pleased with the Company's performance in 2008. Our targeted marketing
programs and strategic pricing increases resulted in the doubling of revenues on
existing products. We continue to strengthen our sales and marketing efforts,
particularly for high-demand products such as our Oleanlic Acid Capsule. With
the only SFDA-approved OTC product, and an estimated 120 million hepatitis B
patients in China, we believe this product, in conjunction with the other
products and services offered through our China Hepatitis Internet Hospital
represents a substantial opportunity for Biostar."
BioStar Pharmaceuticals, Inc., through its wholly-owned subsidiary in China,
develops, manufactures and markets pharmaceutical and medical nutrient products
for a variety of diseases and conditions. The Company's most popular product is
its Xin Ao Xing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine for
Chronic hepatitis B, a disease affecting approximately 10% of the Chinese
population. In addition to its hepatitis product, BioStar manufactures two
broad-based OTC products, two prescription-based pharmaceuticals and ten
nutrients. The Company has adopted international standards and is in the process
of applying for three patents.
For More Information on Biostar Pharmaceuticals;
Visit the websites at:
http://www.biostarpharmaceuticals.com
http://www.aoxing-group.com
Email requests to:
info@biostarpharmaceuticals.com
office@aoxing-group.com
Call:
+1-866-374-1957 (US)
+86-029-3368-6638 (China)
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