Net income increased $5.1m from net loss of $2.2m for the year ended 31 May 2009 to net income of approximately $2.9m for the year ended 31 May 2010.
The company said that the increase in net income was due to the increase in sales of Cisatracurium Besylate and decrease of stock-based compensation expense.
Sinobiopharma chairman and CEO Lequn Lee Huang said that the market has demonstrated a strong need for their product – KuTai – and the sales increases from this product are expected to continue for the next two years. The cash flow generated organically is expected to fully support ongoing operations.