logo
  Join        Login             Stock Quote

Biostar Pharma (BSPM) To Manufacture 16 New Drugs For Xijing Military Hospital

 December 04, 2012 09:09 AM


(By Balaseshan) Biostar Pharmaceuticals Inc. (NASDAQ: BSPM) said it has signed another one-year agreement valued at about $8 million to manufacture and supply 16 new drugs for Xijing Military Hospital.

Biostar said the new drugs will be used to treat a variety of diseases such as pharyngitis, nasopharynx, gastroenteropathy, nephropathy, asthma, hyperplasia of mammary glands, dermatosis, gynecological diseases, etc.

The material terms of this agreement are similar to those of the first two one-year agreements signed with the same hospital in September and October 2012 for $3.6 million and $3.0 million, respectively.

[Related -Earning Scan: LOW, HIHO, BSPM, SORL, NLST, HSFT]

With this new agreement, Biostar will be manufacturing a total of 24 drugs for Xijing Military Hospital (10 granules, 13 capsules, and one powder drug) with a combined value of $14.6 million.

"The signing of these agreements is a result of our hard work to quickly complete experimental tests, trial production, and pass manufacturing technology and quality inspections. These types of contracts have the potential to generate substantial revenues, have very low sales expenses and a much shorter sales cycle," said Ronghua Wang, Chief Executive of Biostar.

The company said the agreements mark the initial step of its strategic partnership with The Fourth Military Medical University (FMMU), one of China's most prestigious military medical universities and research centers.

"As previously announced, we are working to become a strategic partner of FMMU in the fields of research and product development and also to become a production base for manufacturing drugs specifically for the needs of China's military," Wang added.

[Related -Post Market Earning Scan: ORCL, RIMM, ACN, ADES, BSPM]

Biostar, through its subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. Its most popular product is its Xin Aoxing Oleanolic Acid Capsule, an OTC medicine for chronic hepatitis B, a disease affecting about 10% of the Chinese population.

BSPM closed Monday's regular session at $0.98. The stock has been trading between $0.91 and $3.42 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageEstee Lauder Companies Inc. (EL) Q4 Earnings Preview: Options Player Betting On EL’s EPS Looking Pretty

Estee Lauder Companies Inc. (NYSE:EL) will release fiscal 2014 fourth quarter and full year financial read on...

article imageHerbalife Ltd. (HLF): 3 Reasons To Pay Attention to Recent Insider Buying

Well, well, well… it looks as if boardroom buyers viewed the recent selloff as an opportunity to buy. read on...

article imageApplied Materials, Inc. (AMAT) Q3 Earnings Preview: Marginally Better than Expected

Applied Materials, Inc.(NASDAQ:AMAT) will hold a webcast to discuss its third quarter of fiscal 2014 read on...

article imagePlug Power Inc. (PLUG) Q2 Earnings Preview: Guidance to Power PLUG’s Direction

Plug Power Inc. (NASDAQ:PLUG) will release the Company's 2014 second quarter results on August 14, 2014. read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.