Sinovac ends first half of year with $7.1 million

By Lisa Kerner

Charlotte, N.C., Sept. 12 - Sinovac Biotech Ltd. ended the first half of its fiscal year on June 30 with unrestricted cash and cash equivalents totaling $7.1 million. The company said it believes this amount is sufficient to fund operations for the next 12 months while it continues to seek equity financing.

Research and development expenses for the half-year period were up at $648,000, from $216,000 for the six months ended June 30, 2005. Research and development expenses were offset by government research grants of $554,000.

Sales for the six-month period were up 73.3% over the prior year period due to stronger sales of Sinovac's hepatitis A vaccine and the launch of Bilive combined hepatitis A and B vaccine.

Gross margin increased to 76.25% from 68.03% thanks to manufacturing and packaging efficiencies, while the company's loss for the period decreased to $970,000, from $3,466,000 in the comparative period.

Revenue for the first half of 2006 was up 73.3% at $4.7 million, from $2.7 million in the prior-year period.

The Beijing-based biopharmaceutical company said its net loss for the first six months was $970,000, compared to $3.5 million for the six months ended June 30, 2005.

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