Full Press Release Details
SINOVAC BIOTECH 6K, PRESS RELEASE, 10.13.04
SINOVAC BIOTECH LTD. ISSUES CORPORATE UPDATE ON
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APPROVAL OF ITS HEPATITIS A & B VACCINE (BILIVETM) AND ITS APPLICATION TO THE
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AMERICAN STOCK EXCHANGE
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BEIJING, October 13th, 2004 - Sinovac Biotech Ltd. ("Sinovac") ("the Company")
(NASD OTC-BB: SNVBF) updated today on aspects of the Company's business
"At this time, I would to thank our shareholders for their continued support of
our efforts towards becoming a major vaccine developer and manufacturer for the
domestic Chinese and international markets," stated Sinovac president, Dr. Wei
"Furthermore, in addition to the following update, I would like to draw
attention to several very recent issues that highlight the importance of
Sinovac's vaccine development and product pipeline: the production problems
experienced by Chiron (NASDAQ: CHIR) and subsequent global shortage of flu
vaccine; the current flu epidemic in the UK; statements from world health
authorities warning that the world must prepare for the recurrence of SARS; and
the confirmation of the transmission of bird flu (avian influenza) from person
to person," added Dr. Yin.
BILIVETM (HEPATITIS A & B VACCINE) APPROVAL UPDATE
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Subsequent to the recent Chinese national holiday celebrating the anniversary of
the founding of the People's Republic of China between the 1st and 8th October
2004, Sinovac management will be meeting further with the Chinese FDA (SFDA)
relating to the final approval of Bilive(TM) for sale in China. In an effort to
maintain transparency and offer guidance to shareholders, management has
previously offered guidelines for the timing of Bilive(TM) approval. To date,
these timelines have not yet been attained but management does wish to reconfirm
that it does expect Bilive(TM) approval in the near-term. While Sinovac is
working with the SFDA towards a rapid conclusion to this process, such approval
is subject to the schedule of the government regulatory agency. Sinovac is
prepared to commence sales immediately following SFDA approval of BiliveTM,.
BiliveTM is a state-of-the-art combined hepatitis A and B vaccine. It can be
recommended to treat persons with HAV and/or HBV. BiliveTM will be sold in two
forms. BiliveTM junior for use in non-immune infants, children and adolescents
from ages 1 to 15 years, and BiliveTM adult for use in non-immune adults and
adolescents 16 years of age and older.
Sinovac management believes that BiliveTM will dramatically improve the quality
of life for the Chinese citizens, and especially the 15-20 million babies born
each year and an increasing elderly population. The effect for customers and
investors is very positive as BiliveTM has only one competitor,
GlaxoSmithkline's TwinrixTM, which sells for a much higher price than BiliveTM.
AMEX APPLICATION UPDATE
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Sinovac's application for listing on the American Stock Exchange (AMEX) is
currently under review. This review revealed that Sinovac must file financial
statements at least semi-annually to fully comply with AMEX listing standards.
Sinovac expects to file these financial statements with the SEC for the six
months ending June 30th 2004 within the next three weeks. Management believes
that the Company will then meet both the quantitative and qualitative criteria
required for listing. Sinovac has not yet been approved by AMEX.
If accepted, Sinovac will be among the growing number of biotechnology companies
listed on the American Stock Exchange. With a subsequent listing on the AMEX,
Sinovac management feels that the Company would benefit from greater
accessibility to institutional investment, better share price stability, greater
share liquidity, and increased investor awareness.
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, "SARS", and avian flu. 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 clinical trials for a vaccine to prevent SARS.
If you would like to receive regular updates on Sinovac please send your email
request to info@sinovac.com.
For further information please refer to the Company's filings with the SEC on
EDGAR or refer to Sinovac's website at www.sinovac.com.
Contact: Investor Relations at (888) 888 8312 or (604) 684-5990 or
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.