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news.Aoxing Pharmaceutical has reported $1,940,539 revenues for the three months ended 31 December 2010 or second quarter of fiscal year 2011, a 24.7% increase over the revenues of $1,556,431 realized during the three months ended 31 December 2009.
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General and administrative expenses were $1,247, 51% higher than $825,503 in the three months ended 31 December 2009.
Selling expenses in the amount of $362,071 incurred during the three months were 26% higher from $287,404 spent on selling during the same period last year.
Loss from operations for the quarter increased to $786,770, slightly higher than $744,991 incurred in previous quarter, but 176% higher than $285,226 incurred during the quarter ended 31 December 2009.
China Aoxing chairman and chief executive officer Zhenjiang Yue said they have expanded sales team significantly during the first half of our fiscal year 2011, which has been reflected positively on sales growth.
"We have advanced our clinical pipeline. The joint venture with Macfarlan Smith is also making progress in getting regulatory approvals toward commercial production," Yue said.
Headquartered in Shijiazhuang City, outside Beijing, Aoxing’s manufacturing facility in China is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA).
It has joint venture collaboration with Johnson Matthey to produce and market narcotics and neurological drugs in China.
Aoxing also has strategic alliance partnerships with QRxPharma, Phoenix PharmaLabs and American Oriental Bioengineering.