Key Developments: Skystar Bio-Pharmaceutical Company (SKBI.O)
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9 Feb 2010
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Latest Key Developments
Skystar Bio-Pharmaceutical Company Gains Exclusive Rights To Sell And Market Aquaculture Vaccine Through 2024
Skystar Bio-Pharmaceutical Company announced that it has gained exclusive rights to sell and market its aquaculture vaccine through 2024. The exclusivity is based on the patented technology that was used to develop the aquaculture vaccine, as well as a Grade I veterinary certificate that the vaccine was awarded from the Chinese Ministry of Agriculture.
Skystar Bio-Pharmaceutical Company's Plant Delay To Hurt FY 2010 Vaccine Revenue-Reuters
Reuters reported that shares of Skystar Bio-Pharmaceutical Company fell sharply as the Company forecast lower total vaccine revenue due to a delay in the build-out of its vaccine facility. The Company said, to accommodate the new aquaculture vaccine technology it acquired for about $1.2 million, it now expects to complete the build-out of its new veterinary vaccine plant in the first quarter of 2010, rather than the fourth quarter of 2009 as previously anticipated. The Company expects total vaccine revenue of $6 million for fiscal 2010, compared with its prior estimate of $14 million. With the addition of the facility, it is targeting about $11 million from its micro-organism product line in fiscal 2010.
Skystar Bio-Pharmaceutical Company Acquires Exclusive Aquaculture Vaccine Technology
Skystar Bio-Pharmaceutical Company announced that it has purchased an exclusive aquaculture vaccine technology from and signed a collaborative research and development agreement with China's Fourth Military Medical University (FMMU) for RMB8 million (approximately USD1.2 million), granting Skystar exclusivity on the patent through 2012. The vaccine has been shown to be effective in treating and preventing bacterial infections in marine life without harmful side effects.
Skystar Bio-Pharmaceutical Company Secures Two Contracts From Local Governments In Hubei And Yunnan Provinces
Skystar Bio-Pharmaceutical Company announced that it has secured two contracts from local governments in the Hubei and Yunnan provinces for its Praziquantel tablets for the treatment and prevention of Schistosomiasis in livestock. The Company expects to recognize $500,000 in revenues from these contracts in the third quarter of 2009.
Skystar Bio-Pharmaceutical Company Announces Closing Of Public Offering Of Common Stock
Skystar Bio-Pharmaceutical Company announced that it has closed its public offering of 1.4 million of common stock and an additional 210,000 shares exercised by Rodman & Renshaw, LLC as part of its over-allotment option. Gross proceeds to the Company from the offering, prior to deducting underwriting discounts, commissions and offering expenses, were approximately $21 million. The Company is expected to use the net proceeds from the offering to complete a new vaccine facility; construct a new production facility for micro-organisms and feed additives; acquire other companies in the veterinary healthcare industry in China; and for working capital and general corporate purposes, including research and development and marketing. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. acted as sole book-running manager for the offering.
Skystar Bio-Pharmaceutical Company Announces Exercise of Over-Allotment Purchase Option
Skystar Bio-Pharmaceutical Company announced that Rodman & Renshaw, LLC exercised the over-allotment option to purchase an additional 210,000 shares of common stock, raising an additional $2.73 million in gross proceeds and bringing total gross proceeds of the offering to $20.90 million, prior to deducting underwriting discounts, commissions and offering expenses. Skystar granted the option in connection with its previously announced public offering of 1,400,000 shares of common stock at an offering price of $12.98 per share, which is expected to close on July 7, 2009. Net proceeds from the offering are expected to be used for the completion of a new vaccine facility; the construction of a new production facility for micro-organisms and feed additives; acquisitions of other companies in the veterinary healthcare industry; and working capital and general corporate purposes, including research and development and marketing. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., acted as sole book-running manager for the offering.
SKYSTAR BIO-PHARMACEUTICAL COMPANY Announces Pricing Of Public Offering Of Common Stock
SKYSTAR BIO-PHARMACEUTICAL COMPANY announced that it has priced its public offering of 1,400,000 shares of common stock. Skystar has granted the representative of the underwriters a 45-day option to purchase up to an additional 210,000 shares of common stock. The shares were offered to the public at $12.98 per share. The offering is expected to settle and close on July 7, 2009, subject to customary closing conditions. Net proceeds from the offering are expected to be used for the completion of a new vaccine facility; the construction of a new production facility for micro-organisms and feed additives; acquisitions of other companies in the veterinary healthcare industry; and working capital and general corporate purposes, including research and development and marketing. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. acted as sole book-running manager for the offering.
SKYSTAR BIO-PHARMACEUTICAL COMPANY Announces Pricing Of Public Offering Of Common Stock
SKYSTAR BIO-PHARMACEUTICAL COMPANY announced that it has priced its public offering of 1,400,000 shares of common stock. SKYSTAR BIO-PHARMACEUTICAL COMPANY has granted the representative of the underwriters a 45-day option to purchase up to an additional 210,000 shares of common stock. The shares were offered to the public at $12.98 per share. The offering is expected to settle and close on July 7, 2009. Net proceeds from the offering are expected to be used for the completion of a new vaccine facility; the construction of a new production facility for micro-organisms and feed additives; acquisitions of other companies in the veterinary healthcare industry; and working capital and general corporate purposes, including research and development and marketing. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. acted as sole book-running manager for the offering.
SKYSTAR BIO-PHARMACEUTICAL COMPANY Begins Trading On NASDAQ Capital Market
SKYSTAR BIO-PHARMACEUTICAL COMPANY announced that its common stock will begin trading on the NASDAQ Capital Market under the symbol SKBI, effective at the open of trading on June 26, 2009. Most recently, the Company's common stock traded on the OTC Bulletin Board under the symbol SKBO.
SKYSTAR BIO-PHARMACEUTICAL COMPANY Raises FY 2007 Revenue Guidance
SKYSTAR BIO-PHARMACEUTICAL COMPANY raised fiscal 2007 revenue guidance to $15.8 million. The Company previously announced fiscal 2007 revenue guidance to be in the range of $12-$14 million.
UPDATE 1-Skystar says plant delay to hurt 2010 vaccine revenue
* Sees 2010 vaccine rev of $6 mln vs prior est. of $14 mln
Earnings vs. 
Estimates
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