-- Market Launch Creates New Growth Opportunities For Treating Abdominal
Pain and Constipation
-- Company Reiterates Fiscal Year 2009 Guidance
CHENGDU, China, Dec. 22 /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical, Co., Inc. (NYSE Alternext: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that it had recently received the production license of Tongbianling Capsules in dosage form of 0.25 gram/capsule (SFDA approval number 2008S02868) and is due to market the new product in February 2009.
Tongbianling Capsule is a generic TCM and highly effective in treating one-time abdominal distention constipation, bedridden constipation, and elderly chronic constipation. Similar to other geographic areas, constipation is a common disease among the elderly in China. According to Chinese Journal of Modern Nursing, the incidence of constipation among the elderly is about 15% to 30%. According to China's epidemiology survey, there are about 147 million Chinese over the age of 60 and it is estimated that approximately 45 million people regularly use laxatives. Tongbianling Capsule is also listed in the National Medical Insurance Program, thus allowing insured patients to receive reimbursement for the costs of this prescription.
"We are pleased to announce the approval of Tongbianling Capsules which sets the stage for full commercialization of such medicine. We will start marketing this widely used drug through our distribution partners and extensive sales network in February 2009. We expect that the product will generate significant revenue after 6 months of the initial launch. We are pleased with our progress to move additional drugs that are currently in our pipeline through the approval process toward commercialization, which will enable us to achieve our operating goals in 2009," stated Dr. Jiang, Chairman and CEO of Tianyin Pharmaceutical Co., Inc.
Tianyin reiterates its fiscal year 2009 guidance and anticipates that revenues for the year which ends June 30, 2009 will exceed $46 million with net income at least $7.5 million. This guidance does not include potential future acquisitions, for which Tianyin is not currently in any formal discussions nor for which Tianyin has any formal agreements, and management will continue to evaluate its business outlook as necessary and communicate any changes on a quarterly basis or when appropriate.
"Despite the global economic slowdown, we are very pleased to reiterate our previously issued fiscal year 2009 guidance. We remain optimistic about at least 37.3% growth in revenues and 25% growth in net income in fiscal year 2009 due to our key assets, which include a robust portfolio, extensive distribution network and strong sales and marketing team," commented Dr. Jiang. "The Chinese government recently announced $586 billion Fiscal Stimulus Package and healthcare is one of industries that the plan will focus on in the next two years. As such, we believe that we are ideally positioned to benefit from this proactive fiscal policy."
About Tianyin Pharmaceuticals
Tianyin is a manufacturer and supplier of modernized Traditional Chinese Medicine ("TCM") in China. It was established in 1994 and acquired by the current management team in August 2003. It has a comprehensive product portfolio of 33 modernized TCMs and 5 generic western medicines in the market, 22 of which are listed in the highly selective National Medicine Catalog of the National Medical Insurance Program. Tianyin owns and operates two GMP manufacturing facilities and an R&D platform supported by leading Chinese academic institutions. The Company has a pipeline of 47 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 720 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,365 employees. Tianyin achieved revenue of approximately $33.5 million and net income of approximately $6 million in FY2008 ending June 30, 2008. For more information about Tianyin, please visit http://www.tianyinpharma.com .
Safe Harbor Statement
The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
For more information, please contact:
For the Company:
Allen Tang, Ph.D., MBA, Assistant to the CEO
China
Tel: +86-158-2122-5642
Email: Allen.y.tang@gmail.com
Investors:
HC International, Inc.
Alan Sheinwald
US
Tel: +1-914-669-0222
Email: Alan.Sheinwald@hcinternational.net
