-- This Market Launch Will Create New Growth Opportunities for the Company
CHENGDU, China, Oct. 14 /Xinhua-PRNewswire-FirstCall/ -- Tianyin
Pharmaceutical, Co., Inc. (Amex: TPI), a manufacturer and supplier of
modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today
announced that it launched the production of Azithromycin Dispersible Tablets
in August 2008 and is due to market the new product in October 2008.
Tianyin received the official approval from the Chinese State Food and
Drug Administration (SFDA) to produce Azithromycin Dispersible Tablets in two
dosage forms, 0.25 gram (or 250,000 units) /tablet (SFDA approval number
H20074145) and 0.1 gram (or 100,000 units) /tablet (SFDA approval number
H20074143) back in December 28, 2007.
The manufacturing license for Azithromycin Dispersible Tablets is not only
the first one Tianyin has received but also the first drug approval SFDA has
granted to Sichuan Province in 2008. This is the third generic western
medicine to be included in Tianyin's product portfolio. The Company will
continue to diversify its TCM products, with additional western medicines as
it receives approvals for its drugs that are currently in the SFDA pipeline.
Azithromycin is highly effective in treating upper and lower respiratory
tract infections and other bacterial infections in skins and reproductive
system. Ever since the drug's first introduction, its sales have been growing
steadily. According to China's Medicine Economic News, worldwide sales have
grown from US$ 619 million in 1996 to $2.01 billion in 2003, representing a
32.6% growth over the previous year. Azithromycin has become a blockbuster
product and is now among the TOP 50 prescription drugs in terms of global
sales. It is estimated by China's Medicine Economic News that approximately
$350 million in total Azithromycin sales were generated in China during 2007.
Azithromycin is also listed in the National Medical Insurance Program, thus
allowing insured patients to receive reimbursement for the costs of this
prescription.
"We are pleased to announce the formal launch and commercialization of
Azithromycin Dispersible Tablets. We will immediately start marketing this
widely used drug through our distribution partners and extensive sales
network.
We currently maintain the capacity to produce approximately $1.0 million of
Azithromycin annually and will expand this output during the coming year. We
will continue to move additional drugs currently in our pipeline through the
approval process toward commercialization which will enable us to achieve our
goal in 2009," Dr. Jiang, Chairman and CEO of Tianyin Pharmaceutical Co.,
Inc.,
commented.
"We achieved revenue of $33.5 million and net income of $6 million in
FY2008 ending June 30, 2008 with diluted EPS of $0.31 and provided FY2009
guidance for $46 million in revenues and $7.5 million in net income. On June
30, 2008, we reported $13.6 million in cash and equivalents, no debt and a
current ratio of 6.55 to 1. We believe the Company is well capitalized to
meet our future growth plans and our stock is currently undervalued based on
our underlying fundamentals and future growth prospects," Dr. Jiang concluded.
About Tianyin Pharmaceuticals
Tianyin is a manufacturer and supplier of modernized Traditional Chinese
Medicine ("TCM") in China. It was established in 1994 and acquired by the
current management team in August 2003. It has a comprehensive product
portfolio of 33 modernized TCMs and 4 generic western medicines in the market,
22 of which are listed in the highly selective National Medicine Catalog of
the National Medical Insurance Program. Tianyin owns and operates two GMP
manufacturing facilities and an R&D platform supported by leading Chinese
academic institutions. The Company has a pipeline of 48 pharmaceutical
products pending approval. Tianyin has an extensive nationwide distribution
network throughout China with a sales force of 720 salespeople. Tianyin is
headquartered in Chengdu, Sichuan Province with two manufacturing facilities
and a total of 1,384 employees. Tianyin achieved revenue of $33.5 million and
net income of $6 million in FY2008 ending June 30, 2008. For more information
about Tianyin Pharmaceuticals, please visit http://www.tianyinpharma.com .
Safe Harbor Statement
The Statements which are not historical facts contained in this press
release are forward-looking statements that involve certain risks and
uncertainties including but not limited to risks associated with the
uncertainty of future financial results, additional financing requirements,
development of new products, government approval processes, the impact of
competitive products or pricing, technological changes, the effect of economic
conditions and other uncertainties detailed in the Company's filings with the
Securities and Exchange Commission.
For more information, please contact:
For the Company:
Allen Tang, Ph.D., MBA, Assistant to the CEO
China
Tel: +86-158-2122-5642
Email: Allen.y.tang@gmail.com
Investors:
HC International, Inc.
Alan Sheinwald
US
Tel: +1-914-669-0222
Email: Alan.Sheinwald@hcinternational.net
SOURCE Tianyin Pharmaceutical, Co., Inc.
For the Company: Allen Tang, Ph.D., MBA, Assistant to the CEO,
+86-158-2122-5642 (China), or Allen.y.tang@gmail.com; or Investors: Alan
Sheinwald of HC International, Inc., +1-914-669-0222 (U.S.), or
Alan.Sheinwald@hcinternational.net
