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Tianyin Pharmaceutical Co., Inc. to Launch Azithromycin Dispersible Tablets

2008-10-15 00:37 1108

-- This Market Launch Will Create New Growth Opportunities for the Company

CHENGDU, China, Oct. 15 /Xinhua-PRNewswire/ -- Tianyin Pharmaceutical, Co., Inc. (Amex: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that it launched the production of Azithromycin Dispersible Tablets in August 2008 and is due to market the new product in October 2008.

Tianyin received the official approval from the Chinese State Food and Drug Administration (SFDA) to produce Azithromycin Dispersible Tablets in two dosage forms, 0.25 gram (or 250,000 units) /tablet (SFDA approval number H20074145) and 0.1 gram (or 100,000 units) /tablet (SFDA approval number H20074143) back in December 28, 2007.

The manufacturing license for Azithromycin Dispersible Tablets is not only the first one Tianyin has received but also the first drug approval SFDA has granted to Sichuan Province in 2008. This is the third generic western medicine to be included in Tianyin’s product portfolio. The Company will continue to diversify its TCM products, with additional western medicines as it receives approvals for its drugs that are currently in the SFDA pipeline.

Azithromycin is highly effective in treating upper and lower respiratory tract infections and other bacterial infections in skins and reproductive system. Ever since the drug’s first introduction, its sales have been growing steadily. According to China’s Medicine Economic News, worldwide sales have grown from US$ 619 million in 1996 to $2.01 billion in 2003, representing a 32.6% growth over the previous year. Azithromycin has become a blockbuster product and is now among the TOP 50 prescription drugs in terms of global sales. It is estimated by China’s Medicine Economic News that approximately $350 million in total Azithromycin sales were generated in China during 2007. Azithromycin 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 formal launch and commercialization of Azithromycin Dispersible Tablets. We will immediately start marketing this widely used drug through our distribution partners and extensive sales network. We currently maintain the capacity to produce approximately $1.0 million of Azithromycin annually and will expand this output during the coming year. We will continue to move additional drugs currently in our pipeline through the approval process toward commercialization which will enable us to achieve our goal in 2009," Dr. Jiang, Chairman and CEO of Tianyin Pharmaceutical Co., Inc., commented.

"We achieved revenue of $33.5 million and net income of $6 million in FY2008 ending June 30, 2008 with diluted EPS of $0.31 and provided FY2009 guidance for $46 million in revenues and $7.5 million in net income. On June 30, 2008, we reported $13.6 million in cash and equivalents, no debt and a current ratio of 6.55 to 1. We believe the Company is well capitalized to meet our future growth plans and our stock is currently undervalued based on our underlying fundamentals and future growth prospects," Dr. Jiang concluded.

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 4 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 48 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 1,384 employees. Tianyin achieved revenue of $33.5 million and net income of $6 million in FY2008 ending June 30, 2008. For more information about Tianyin Pharmaceuticals, 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.

Source: Tianyin Pharmaceutical, Co., Inc.
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