Bohai Pharmaceuticals Group (BOPH.OB), a TCM pharmaceutical company, said it has added five marketed products to its portfolio so far this year, bringing its total to ten. Bohai holds the rights to produce another 14 TCM formulations in China.
Three of the newly introduced products are prescription drugs, while the remaining two are OTC medicines. The new products will complement Bohai's flagship offerings, Tongbi Capsules and Tablets and Lung Nourishing Cream, which were added to the National Drug Reimbursement list in late 2009.
Tongbi Capsules provided 22% of the company’s revenues in 2009, Tongbi Tablets another 16%, and Lung Nourishing Cream supplied 26%.
In the first nine months of Bohai’s fiscal year (ends June 30, 2010), revenues climbed 29% to $45 million. Net income was $7.75 million, a 25% increase.
Bohai became listed on the OTC Exchange through a reverse merger in early 2010. At the time of the transaction, it also completed a private placement of $12 million ($9.7 million net to the company). Currently, Botai is offering 20.3 million shares for selling shareholders.
Disclosure: none.
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