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news.China's Sinovac Biotech Ltd has recorded 2004 sales growth of more than 230% according to unaudited sales figures, due to hepatitis A vaccine sales. It has also entered a financing agreement to acquire its subsidiary, Sinovac Biotech Co Ltd.
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Sinovac Biotech Ltd, also known in China as Beijing Kexing Bioproducts, has sold more than 1 million doses of its hepatitis A vaccine, Healive, at a price of $6.64 per dose. These 2004 sales thus total more than $6.6 million, an increase of more than 230% over 2003 sales of $2.8 million.
Sinovac’s management is awaiting the final approval of its combined hepatitis A&B vaccine, Bilive, by the Chinese FDA and expects to commence sales of this product shortly after this approval. It is also anticipated that the company will start commercial sales of its flu vaccine in 2005.
With further major increases expected in the sales of its proprietary hepatitis A vaccine, and with the other two vaccines projected to commence sales in 2005, Sinovac’s management is predicting additional significant increases in annual revenues.
The company has also entered into a securities purchase agreement for a $1.48 million private placement with institutional investors. The proceeds of this transaction are intended to be used for the acquisition of the additional 20.6% of Sinovac Biotech Co Ltd, the company’s majority owned subsidiary, and for working capital purposes.