Health & Fitness
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Published in Health and Fitness on Monday, March 9th 2009 at 6:01 GMT, Last Modified on 2009-03-09 06:02:53 by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2009) - Dragon Pharmaceutical Inc. ("Dragon Pharma" or the "Company") (TSX:DDD)(OTCBB:DRUG), a leading international pharmaceutical company, today announced that it has received a 14-ton follow-on supply order for its Clavulanic Acid products from a fast-growing multinational pharmaceutical company whose products are distributed in the United States and in over 40 countries in Europe, the Middle East and North Africa. This follow-on order, if consummated, would represent over 20% of the Company's total sales volume of Clavulanic Acid for 2008. Dragon believes this stands for a beginning of a long term customer relationship with strong growth potential.
Dragon Pharma began product development for this client in 2007 and has passed its strict requirements and tests for product stability and quality. The initial purchase order for 4 tons in late 2008 has now led to this recent annual supply arrangement for about 14 tons in 2009 and paved the way for substantial order increases in subsequent years.
"This long-term supply framework further confirms our capability to manufacture high-quality products in large quantities for leading global clients and validates our sales and marketing focus on emerging markets," said Dragon Pharma's Chairman and CEO, Mr. Yanlin Han. "We are the top manufacturer and leading provider of Clavulanic Acid in China with a market share of 80%. We are also one of the largest suppliers of competitively priced Clavulanic Acid products to the international markets. We believe that this expanded cooperation will enhance our position as a major and reliable long-term supplier to major global pharmaceutical companies."
Looking forward, Mr. Han concluded: "Our business remains healthy despite the current downturn and uncertain outlook for the global economy. Strict risk management and sound sales policies that have existed all along have helped us keep our accounts receivable turnover below 35 days with 90% of receivables within three months. We never had any material write-offs for bad debts as all sales are protected by insured credit terms. We are confident that our efforts to expand R&D, build our brand in key emerging markets and expand our product pipeline will enable us to continue to grow revenue and deliver sustainable profitability."
About Dragon Pharmaceutical Inc.
Dragon Pharmaceutical, headquartered in Vancouver, Canada, is a leading manufacturer and distributor of a broad line of high-quality antibiotic products including clavulanic acid, an API to combine with Amoxicillin to break drug- resistance, and 7-ACA, a key intermediate to produce cephalosporin antibiotics, and formulated cephalosporin antibiotic drugs.
The Company's 2008 full year financial results will be released on March 31, 2009.
To learn more about Dragon Pharmaceutical Inc., please visit [ www.dragonpharma.com ].
Safe Harbor Statement
This press release contains forward looking statements, including but not limited to, that the Company will consummate its follow-on supply order for its Clavulanci Acid product, that the order when fulfilled will enhance the Company's position as a major and reliable long-term supplier to major global pharmaceutical companies, and that the Company's business will remain healthy and profitable. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward looking statements. Readers should not place undue reliance on forward looking statements, which only reflect the views of management as of the date hereof. The Company does not undertake the obligation to publicly revise these forward looking statements to reflect subsequent events or circumstances. Readers should carefully review the risk factors and other factors described in its periodic reports filed with the Securities and Exchange Commission.
