Full Press Release Details
SINOVAC BIOTECH 6K, PRESS RELEASE 06.01.04
SINOVAC BIOTECH LTD.
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HAS RECEIVED OVER US $1 MILLION IN GOVERNMENT RESEARCH FUNDING FOR SARS
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BEIJING, 1 June, 2004 - Sinovac Biotech Ltd. ("Sinovac") (NASD OTC-BB: SNVBF) is
pleased to announce that to date, Sinovac has received more than US $1 million
in research funding from the Chinese state government for its inactivated SARS
vaccine development program. It is expected that funding of Sinovac's SARS
vaccine development program will continue to be partially supported by the
Chinese government. Management of Sinovac believes that because of its low-cost
advantage in China, this amount would fund significantly more R & D in China
than the same research budget in the United States.
Sinovac is the only company in China, and indeed the world, to have been
approved to conduct human clinical trials of a SARS vaccine.
The Chinese State Drug Administration, the SFDA, has stated that it is
fast-tracking the drug approval process for Sinovac's potential SARS vaccine.
Based on the regular drug approval process in China, it would take between 3 to
5 years for a SARS vaccine to receive final commercial approval. However, with
fast-tracking the process, it could take as little as 1 to 2 years. Furthermore,
it is still possible for the SARS vaccine to be urgently approved for use in the
event of further SARS outbreaks. An urgently expedited Chinese inoculation
program would first target the following groups: 1) the more than 5.2 million
medical workers all over China; and 2) the population in a particular outbreak
area, such as Beijing (about 13.8 million people), Guangdong Province (about
86.4 million people), or Hong Kong (about 6.71 million people).
The ultimate aim of the vaccine will be to provoke the body's immune system into
action, so that it can destroy the SARS virus if infected.
The recent confirmation of six new SARS cases in China underscores the need to
develop an effective vaccine in quantity. China's health ministry traced all
infections back to a research laboratory at the Institute of Virology in
Beijing, where the Chinese Centre for Disease Control was conducting SARS
research. In the wake of the discovery, world health authorities sent teams of
experts to China to investigate the outbreak. These authorities concluded that
the epidemic did not pose a public health danger. The reaction to this recent
outbreak serves to remind us that the impact of a new SARS threat is global in
scope. A new, widespread SARS outbreak would likely have a devastating impact on
the economies of many nations, when many economies are just now building
strength. The importance and need to develop an effective SARS vaccine is a
paramount concern for world health authorities.
During the current first phase of human clinical testing, Sinovac will provide
continuous updates on the status of the trial and the health condition of the
SARS, a viral respiratory illness caused by a coronavirus, was first reported in
Asia in February 2003, and over the following few months, the illness spread to
more than two dozen countries in North America, South America, Europe, and Asia.
According to the World Health Organization, during the SARS outbreak of 2003, a
total of 8,098 people worldwide became sick with SARS; of these, 774 died. The
SARS global outbreak of 2003 was contained; however, it is expected that the
disease could re-emerge in an annual cycle similar to the common flu.
ABOUT SINOVAC BIOTECH LTD.
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Sinovac Biotech Ltd. specializes in the research, development,
commercialization, and sales of human vaccines for infectious illnesses such as
Hepatitis A and Hepatitis B, influenza and "SARS".
Sinovac is one of the leading emerging biotechnology companies in China. Working
closely with Chinese public health officials, Sinovac focuses on manufacturing
and marketing human-use vaccines and related products, and currently markets its
vaccine for Hepatitis A. Sinovac is the first and currently the only company in
the world to have commenced human clinical trials for a vaccine to prevent SARS.
For further information please refer to the Company's filings with the SEC at
www.sec.gov or refer to Sinovac's website at www.sinovac.com.
Contact: Sinovac Investor Relations at (888) 888 8312 or (604) 684-5990 or email
to info@sinovac.com.
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION
21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH
RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT
INTERESTS, SINOVAC'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND
DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE
STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.