The contracts are with Sinobiopharma’s business agents, who distribute the company’s products in 30 provinces and key major cities throughout China.
The company’s Chinese patented formulation of cisatracurim besylate, is the world’s first that can be stored at room temperature. Competitors’ versions must be kept at two to eight degrees centigrade. Compared to other neuromuscular blocking agents, the company’s intravenously administered formulation is immediate in onset and longer in duration, said Sinobiopharma.
As part of its drive to expand its marketing and distribution capacity with new channels, Sinobiopharma is negotiating to acquire 100% ownership of a drug distribution company, Nanjing Langkun Medicine to accelerate growth in sales revenue in 2009.
Lequn Huang, chairman and CEO of Sinobiopharma, said: “This contract is the beginning of an exciting time for the company. Not only does this take the company’s revenue from $1 million to $15 million, but there are many products still coming down the pipeline.”