Fresh directions for Sinobiomed

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Fresh directions for Sinobiomed

Home/Pharma News | Posted 10/12/2010 0 Post your comment

Sinobiomed Inc announced the appointment of a new President and Chief Executive Officer on 2 September 2010. Mr George Yu completed his education in Germany and the US. Under his experienced guidance the company hopes to move swiftly on the following strategic initiatives:

Identify strategic acquisition and investment opportunities in high-growth Industries.
Build a results-oriented management team.
Execute strategic transactions intended to accelerate the growth of the company and create significant shareholder value.
Obtain necessary funding to execute strategic transactions.
Focus on operational excellence to deliver results.

Immediately after appointing Mr Yu the Hong Kong-based company acquired Bay2Peak Strategies Ltd. Mr Yu had been a senior figure in this investment management and financial advisory firm with offices in San Francisco, USA, Hong Kong and Shanghai. China. It has particular focus on growth-stage companies, based in China or Southeast Asia, and provides expertise on cross-border partnerships, direct investment, mergers and acquisitions, financing and strategic advisory.

Sinobiomed then swiftly announced that the company was working to bring the 2008 and 2009 financial reports back into compliance with the Securities and Exchange Commission (SEC). In a statement Mr Yu said “We are working to regain compliance with the SEC and file our past due audits and will endeavour to move to a higher tier stock exchange as soon as practicably possible”.

Whilst doing that, it unveiled an agreement to acquire the assets of Chinese advertising agency i-Media Asia. The transaction is expected to be completed in the fourth quarter of 2010. And to finance all this, on 22 September 2010 it issued 6.6 million shares and sold them to ‘two offshore entities’. The proceeds from the transaction have been, or will be, used for general corporate purposes.

About the company

Sinobiomed, incorporated in November 2004, started out with a patent on a car door safety device, which it still holds. However, in January 2007, the company acquired 100% of Wanxin Bio-Technology Ltd (Shanghai, China).

Wanxin Bio-Technology Ltd has 10 products that have been approved for sale or are in development for a range of diseases. So Sinobiomed’s biopharmaceutical interests are at present mainly recombinant technology products for conditions such as malaria, hepatitis B and C, rheumatoid arthritis and replacement skin.

Source: GlobeNewswire, EDGAR Online.