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- Strong Management Team and New Strategy
- Attains Clinical Testing and Manufacturing Milestones
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HONG KONG, June 30, 2014 - (ACN Newswire) - Uni-Bio Science Group Limited ("Uni-Bio" or the "Group;" HKEx code: 690) has achieved an outstanding performance during the financial year 2013/14. The Group's topline growth beat the industry average while its two new prescription drugs, Uni-E4 and Uni-PTH, both reached major clinical milestone of completing all required clinical trials.
For the year ended 31 March 2014, the Group's consolidated turnover increased 23% to approximately HK$102.6 million, exceeding the industry average of 18% . The growth was mainly driven by strong sales of the Group's biologics products, which has surged by 33%. Gross profit during the year also grew 24% to approximately HK$82.1 million. A net loss of approximately HK$366.1 million was recorded due to a write-off and impairment as the Group refocuses its resources on key projects and specific technical expertise and development of certain products in progress is discontinued. The Group maintained a healthy financial position with bank deposits, bank balances and cash amounting to HK$56.2 million as at 31 March 2014.
During the year, the Group continued to strengthen its management team by introducing industry veterans. Further to the appointment of Mr. Kingsley Leung as an executive Director in February 2014, Dr. Carl Firth and Mr. Zhao Zhi Gang have been appointed as independent non-executive Directors in April 2014. Equally important, Mr. Phee Wah Koh was appointed as the Chief Executive Officer of the Group's wholly-owned subsidiary, Uni-Bio Science Healthcare Limited. All of them have strong backgrounds in the pharmaceuticals and biotechnology sectors, and their industry and professional knowledge have further strengthened the Group's foundation.
The Group's strong R&D capabilities spurred good progress on the product development front. All of the CFDA-required clinical trials for the two high-tech biologic drugs in the diabetic and osteoporosis space have been successfully completed during the year. Recently, Uni-PTH met primary endpoint in its phase 3 trial and the trial concluded that the drug is safe and efficacious in postmenopausal women with reference to the voluntary announcement published on 30 June 2014. These are major milestones that will bring the Group one big step closer to product registration approval and product launch.
Another important milestone was the successful attainment of new GMP certification for their Shenzhen manufacturing plant. Being compliant with the most recent standards means the Group can continue manufacturing EGF products at an even higher quality yardstick in the years to come. The Group is applying similar expertise and experience to upgrade the chemical drug product line and attain GMP certification for their new biologics manufacturing line of Uni-E4 and Uni-PTH, both based in Beijing.
With new foundations in place and major milestones met, strong growth prospects are sure to follow. Going forward, the Group is focused in a new partnership model for generating growth. The new model is centered on partnering with reputable foreign pharmaceutical companies to bring innovative treatments into China. The Group aspires to become the 'Partner of Choice' to selected foreign companies by providing them sales and marketing support, as well as a strong distribution channel enabling its foreign partners to cost-effectively and efficiently participate in the China market. These synergistic partnerships should broaden the Group's income source and increase market share.
On top of the new partnership model, the Group plans to intensify sales and marketing efforts by enlarging its share-of-voice in China. This includes expanding the use of its products to more departments within a hospital by launching new product formulations that are widely demanded by doctors, and also partnering with companies to augment the Group's penetration into the Chinese market. The Group hopes that seamless execution of the strategy will translate into sales growth in the multiples.
Mr. Tong Kit Shing, Chairman and Executive Director of Uni-Bio Science Group said, "Uni-Bio Science will focus on niche markets where we have a strong competitive edge, such as diabetes, ophthalmology and dermatology. We want to be leaders in these areas and, one day, we hope foreign companies will only look to us to partner whenever they want to develop or launch diabetes, ophthalmology or dermatology drugs in China."
"I am pleased that the Group's strategies to consolidate its business foundation have borne fruit with achievements on the product development front and future tactics. With new talent on board, a new corporate strategy in place and competitive products in the pipeline, I remain bullish that Uni-Bio Science will become the poster child for China biotech in the future," he concluded.
Contact:
Strategic Financial Relations Limited
Veron Ng Phone: +852 2864 4831 Email: veron.ng@sprg.com.hk
Angelus Lau Phone: +852 2864 4805 Email: angelus.lau@sprg.com.hk
Kate Kwan Phone: +852 2864 4873 Email: kate.kwan@sprg.com.hk
Fax: +852 2527 1196
Topic: Press release summary
Source: Uni-Bio Science Group Limited
Sectors: Daily Finance, Daily News, BioTech
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From the Asia Corporate News Network
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