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Sundia Celebrates Strong Growth at its Third Anniversary

2007-06-11 09:05 728

SHANGHAI, China, June 8 /Xinhau-PRNewswire/ -- Today Sundia Meditech

Company, Ltd. celebrated its recent strong growth at the company's third

anniversary party in Shanghai. The main business of this company is to

provide contracted research (CRO) services to pharmaceutical and biotech

company clients worldwide. Earlier this week, the company announced a merger

in process with United Pharmatech Company, another CRO company in Shanghai.

The centerpiece of the event was a speech by Sundia CEO Dr. Wang Xioachuan.

Her presentation laid out Sundia's past and stressed the need for continued

expansion. Last year, Sundia's revenue grew more than 5 times over the year

before, and became profitable the whole year, recovering all losses from the

company's initial stage. This year the company is expecting to more than

double its revenue and profit (excluding merger impact) and will keep the same

growth pace for the next three years. This fast development pace excited all

shareholders, including the famous venture capital investment company IDG VC,

who made an investment into Sundia in the very early stages of the company in

2005.

Sundia has more than doubled its lab and office space each year for all

three years of its history, and Dr. Wang presented a plan for the construction

of new buildings, including a pilot plant for API (Active Pharmaceutical

Ingredient) manufacturing at one of five possible new locations. These

proposed expansions for Sundia could take the company as far away as Nanjing,

about 400 km away from Shanghai, or remain as close as the newly-developed

east section of Zhangjiang HiTech Park, where the company was established

three years ago.

"We're happy to see what progress Sundia has made from when we started

with just three employees," said Dr. Wang. In her presentation, she stressed

that Sundia would succeed based on the trust they had built with their clients,

over 80% of whom work with Sundia on a full time equivalent (FTE) basis, a

good indicator for the operating stability and quality of a CRO company.

Mr. Ye Qianjun, Vice President of Zhangjiang Group Company, the

government-backed entity which developed Zhangjiang HiTech Park into China's

best high-tech park and the number one high-tech company incubator, called on

Sundia shareholders and employees to seriously consider his invitation to stay

in Zhangjiang, although other development areas in the country offered Sundia

more incentives in land usage, tax benefits and such. "We will try our best

to help Sundia in many ways. We saw your start-up in Zhangjiang, we saw your

growing up in Zhangjiang, and we want to see your growing into a giant and we

want to succeed together with you in Zhangjiang," Mr. Ye said emotionally.

Dr. Chen Liqing, a faculty member of University of Alabama in Huntsville,

who came to Shanghai specifically for the event, told the audience the story

about how he mortgaged his house in America to invest in Sundia when the

company was just half a year old and with an unclear future ahead. "This may

be the best decision I made in my lifetime. Thank God I don't have to worry

about living in the street now," he laughingly joked.

Source: Sundia Meditech Company, Ltd.
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