MILAN, May 22, 2018 /PRNewswire/ — Bracco Imaging S.p.A., a global leader in diagnostic imaging, and Shanghai Pharmaceuticals Holding Co. Ltd., a leading pharmaceutical group in China – focused on providing innovative drugs in the field of oncology, infectious and cardiovascular diseases – have signed today a collaboration agreement on new R&D activities in China.
The collaboration is focused on the exploitation of the potentialities of the Bracco microbubbles technology platform, to support the development of innovative Shanghai Pharmaceuticals therapeutic drugs in the oncologic field.
Microbubbles have already changed medical imaging in Contrast Enhanced Ultrasound (CEUS) – a high-sensitivity, non-invasive, real-time, cost-effective and radiation-free modality that improves the visualization and assessment of cardiac cavities, large vessels and tissue vascularity – and are now also considered as a high potential platform for treatment monitoring in oncology.
“China represents the second largest market and one of the most relevant areas of development for Bracco” said Diana Bracco, President of the Bracco Group. “Since 2001 we have been directly present in China with a Joint Venture with Shanghai Sine (part of Shanghai Pharmaceuticals Ltd Group) that at the end of 2016 has been extended for additional 20 years, consolidating Bracco’s strategic presence in China.”
“China is a growing force in healthcare innovation and today we start a new phase for our shared commitment to deliver better patient care” said Fulvio Renoldi Bracco, Chief Executive Officer at Bracco Imaging. “The joint effort with Shanghai Pharmaceuticals further reinforces our long-term partnership in China, and provides additional opportunities to expand the use of the microbubbles in new fields by targeting tumor angiogenesis in a very effective and safe way: the combination of these innovative treatment monitoring capabilities from Bracco with a new immuno-oncology therapy by SPH will allow to address a very significant, unmet medical need in pancreatic cancer.”
Commenting on the announcement, Mr. Zhou Jun, Chairman and Non-executive Director at Shanghai Pharmaceuticals, concluded: “We are delighted to sign this agreement with Bracco. Shanghai Pharmaceuticals has a breadth of capabilities in R&D and today the strategic alliance in innovation will foster our partnership with a global leader in diagnostic imaging and its cutting-edge microbubbles platform in ultrasound.”
About Bracco Imaging
Bracco Imaging S.p.A., part of the Bracco Group, is one of the world’s leading companies in the diagnostic imaging business. Headquartered in Milan, Italy, Bracco Imaging develops, manufactures and markets diagnostic imaging agents and solutions that meet medical needs.
Bracco Imaging offers a product and solution portfolio for all key diagnostic imaging modalities: X-ray Imaging (including Computed Tomography-CT, Interventional Radiology, and Cardiac Catheterization), Magnetic Resonance Imaging (MRI), Contrast Enhanced Ultrasound (CEUS), Nuclear Medicine through radioactive tracers. The diagnostic imaging offer is completed by several medical devices and advanced administration systems for contrast imaging products in the fields of radiology.
The Company operates in more than 100 markets worldwide, either directly or indirectly, through subsidiaries, joint ventures, licenses and distribution partnership agreements. With an on-going research covering all key modalities, Bracco Imaging has a strong presence in key geographies: North America, Europe and Japan operating through the Joint Venture Bracco-Eisai Co. Ltd. The Company also operates in Brazil, South Korea, and China through the Joint Venture Bracco Sine Pharmaceutical Corp. Ltd.
Operational investments have been made in order to achieve top quality and compliances with a sustainable eco-friendly production. Manufacturing activities are located in Italy, Switzerland, Japan, China, and Germany.
Bracco Imaging is an innovative Research and Development (R&D) player with an efficient process oriented approach and a track record of innovation in the diagnostic imaging industry. R&D activities are managed in the three Research Centres located in Italy, Switzerland, and the USA.
Shanghai Pharmaceuticals Holding Co. Ltd. (SPH) is ranked second in size among Chinese pharmaceutical companies (Forbes 2017 “Global 2000”). The company has a dual listing on the Shanghai and Hong Kong stock exchanges. SPH is involved in four major business areas: R&D, Manufacturing, Distribution and Retail.
SPH aims to provide both pharmaceutical products and healthcare services following international standards. SPH strives to improve the quality of products and manufacturing processes as well as delivery to customers. SPH is committed to providing innovative drugs to enhance public health in China and around the world.
SPH has established JVs and partnerships with prominent global companies to collaborate on R&D and manufacturing of innovative drugs and nutritional supplements. Through key M&A investments, SPH aims to build a global reputation in the pharmaceutical field.
VANCOUVER, British Columbia, May 21, 2018 /PRNewswire/ — WAT Medical’s leading product to treat nausea-induced vomiting, EmeTerm, has received its FDA clearance earlier in April. Now ready to officially enter the U.S. market as an effective medical treatment. WAT Medical is thrilled to bringing its innovative technology to help the millions of people who suffer from such conditions. The product is effective for a wide range of treatments, including all types of motion sickness induced by travelling and morning sickness from pregnancy. It is safe and cleared by FDA to be used for pregnancy–induced nausea and vomiting. EmeTerm is medication-free and doesn’t have drug side effects like dizziness, drowsiness and increasing in the thickness of lung secretions.
EmeTerm’s technology is called neuro modulation which is FDA cleared and clinical proven. The electric current is send to nerve system via P6 acupuncture point on underside of the wrist. The targeted electric pulses are delivered to brain and precisely block the signal of nausea and vomiting from brain to stomach. EmeTerm are currently used by consumers in over 20 counties worldwide.
EmeTerm is the winner of 2017 iF Design Award for its innovative design and usability. The patented electrodes design enhanced the transfer of electric pulses from device to skin. No conduct gel is needed which could bring more convenient and affordability to consumers.
WAT Medical’s anti-migraine device, HeadaTerm, is also in the process of FDA clearance, and is estimated to enter the U.S. market along with EmeTerm in the following months.
WAT Medical will be attending FIME 2018, Florida International Medical Expo, the largest medical trade fair across America, on July 17-19 (Booth No.: BQ 85). Both EmeTerm and HeadaTerm will be launched at that time.
For more information, please visit WAT Medical Enterprise Ltd.’s website at www.watmedical.com
MAASTRICHT, Netherlands, May 22, 2018 /PRNewswire/ —
A highly innovative software,developed by PieMedical Imaging – PMI – B.V. (Esaote Group) will be presented at EuroPCR 2018, the world-leading course in interventional cardiovascular medicine, held in Paris, Palais des Congrès (France) between 22 – 25 May 2018.
This software – called CAAS vFFR (Cardiovascular Angiographic Analysis Systemsfor vessel Fractional Flow Reserve)–cancalculate thepressure drop and vFFR value in the coronary artery non-invasively,which means that there is no need for a pressure wire andhyperemic agent.
FFR is an established technique used in interventional cardiology to measure pressure differences across a coronary stenosis. Based on this, cardiologist may take a decision on whether a coronary stenosis has to be treated with angioplasty or not. This examination is done during a catheterization procedure with the support of costly pressure wire and hyperemic agent.
CAAS vFFR allows clinicians to use two standard angiograms taken during a standard catheterization procedure as input to get access to coronary physiology assessment. For percutaneous coronary interventions (PCI), within one easy workflow, CAAS vFFRoffersa unique combination of functional and anatomical lesionassessment(such as percentage stenosis)to support the interventional cardiologist in the clinical decision makingprocess.
FAST, a clinical study led by Ken Masdjedi, MD and Joost Daemen MD, PhD from Erasmus Medical Center, Rotterdamshows that vFFR as calculated using CAAS vFFR has a high linear correlation to invasively measured FFR.
“In the FASTstudy“ said Joost Daemen MD, PhD, principal investigator “we demonstrated that vFFR as calculated using CAAS vFFR has a high linear correlation to invasively measured FFR and high diagnostic accuracy to detect FFR ≤ 0.80.vFFR is a promising, fast and easy to use tool to assess coronary physiology without the need for a costly pressure wire or hyperemic agent.“
“We are very proud of this technologicaland clinicalachievement” declared René Guillaume, PMI CEO “which is theresultof 30-year commitment and experienceof our Company in the field ofcardiovascular analysis software and of the successful collaboration withthe most prestigiousmedical and scientific researchcenters“.
AboutPMI PMI BV is a world leader in quantitative analysis of cardiovascular images, well known for its CAAS and 3mensio product lines. Based in Maastricht (The Netherlands), it hosts the global sales for the CAAS and 3mensio product lines. PMI and 3mensio Medical Imaging are part of the Esaote Group, leader in the biomedical equipment sector, in particular the areas of ultrasound, dedicated MRI and Medical IT. More information about PMI is available at http://www.piemedicalimaging.com
For further details please contact: Ir. Tristan Slots PMI T: +31-43-328-13-28 pmi@pie.nl
GUANGZHOU, China, May 21, 2018 /PRNewswire/ — Recently, Infinitus (China) Company Ltd. (Infinitus (China)) has been accredited as 2017 National High-Tech Enterprise of China for three years since November 9, 2017. Infinitus (China) has been recognized as National High-Tech Enterprise for the fourth time along with its first accreditation in 2008.
Infinitus (China) Re-Accredited as a National High-Tech Enterprise
The affirmation work of National High-Tech Enterprises began in 1991 to promote scientific and technological progress and enhance enterprise innovation capabilities. Since 2008, National High-Tech Enterprises have been jointly accredited by the Ministry of Science and Technology of the P.R.C, the Ministry of Finance of the P.R.C, and the State Administration of Taxation. The accreditation is reviewed rigorously in four areas, which are: key intellectual property rights of enterprises, transformation capacity of scientific and technical payoffs, organizational management level of R&D, and growth index of sales and assets.
During the past nine years, Infinitus (China) has been recognized as “National High-Tech Enterprise” four times on the basis of emphasis and persistence on scientific research. The company has established a unique R&D system featured by multiple scientific research platforms and the whole industry chain which supports the development of exquisite products. It also owns a number of core independent intellectual property rights and leads in the research of compound polysaccharides technology.
Currently, Infinitus (China) cooperates closely with authoritative global research institutions and universities, including University of Cambridge, Stanford University, French National Centre for Scientific Research – Paris Diderot University and China Academy of Chinese Medical Sciences. Professor Jules A. Hoffmann, the 2011 Nobel Laureate for Physiology or Medicine, has been appointed as a scientific advisor of the company since 2017.
The national strategy of Healthy China boosts people’s demand for health and development of the health industry. Thereupon, consumers and regulators have proposed higher requirements for the quality of products, depending largely on the scientific research strength and innovation capacity of enterprises, which have become a footstone for enterprises to expand the market and beat the competition.
For this accreditation, Infinitus (China) said that it will continuously increase investment and improve its scientific research strength to develop and produce more high-quality Chinese herbal health products, further meet consumer needs and make a positive contribution to society.
About Infinitus (China) Company Ltd.
Infinitus (China) Company Ltd., founded in 1992 and headquartered in Guangzhou, is a member of LKK Health Products Group. The Company focuses on R&D, production, sales and services of Chinese herbal health products with over 4,700 employees.
HO CHI MINH CITY, Vietnam, May 21, 2018 /PRNewswire/ — According to a report from Nielsen Vietnam, Vietnam is leading the growth in the region with a rate of 6.7%, whilst other emerging markets have slowed down in FMCG in 2017. Vietnam is also one of the top destinations for business expansion, especially retailing. According to the Nielsen Future Business Sentiment Beauty Survey conducted in 2016, Vietnam was in Asia’s Top 3 priority markets for companies that are likely to expand. On the other hand, ATKearney Global Retail Development Index 2017 said Vietnam was amongst the Top 6 most attractive markets worldwide. As the middle class urbanises, they seek to experience premium brands and see more new players entering the Vietnamese beauty market, as local consumers are becoming more conscious of beauty treatment and products. With the rapid growth of digital marketing, Vietnam’s e-commerce is booming across categories, whilst the beauty sector is leading the trend and indeed, brand origin is in fact more important than choice, price, function and quality in Vietnam.
vietbeauty banner
According to Statista, revenue in the cosmetics and personal care market in Vietnam amounts to US$ 1,620 million in 2018. The market is expected to grow annually by 8.6% (CAGR 2018-2021). The market’s largest segment is skin care, with a market volume of US$ 595 million in 2018.
On 19-21 July 2018 at the Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City, vietbeauty 2018 will feature a full range of Asian and European beauty products and services from companies representing Vietnam, the United States, Japan, Korea, Hong Kong, Thailand, Taiwan, MainlandChina, Malaysia, Indonesia, the Philippines, Singapore, India, Australia, UAE, Poland, Switzerland, Bulgaria, Canada and France. Many of these brands will take the opportunity to launch new products and innovations during the event.
In addition, vietbeauty will host different conferences covering market trends. Hosted by Nielsen Vietnam, there will be a conference focusing on the topic “What’s Next in Beauty?” and panel discussion on beauty care and aesthetics field. Other highlights in the event include continuous live demonstrations on hair, nails, and make-up applications and techniques together, with many interesting experimental activities during the show.
The show will also feature Cosme Zone and Derma Zone for the first time in Vietnam, showing new and unique products for visitors to experience across the region.
The event is expected to attract over 250 exhibiting brands when it opens its doors in July 2018. Visitors are welcome to pre-register today at www.vietbeautyshow.com or contact the organiser directly by phone at (84)–28–3622–2588 (extension 153) or email at vietbeauty@ubm.com.
Owned by UBM plc listed on the London Stock Exchange, UBM Asia is the largest events organiser in Asia, India and SE Asia. We are also the leading commercial organiser in China. Established with its headquarters in Hong Kong and subsidiary companies across Asia and in the US, UBM Asia has a strong global presence in 25 major cities with 31 offices and over 1,600 employee.
With a track record spanning over 30 years, UBM Asia operates in 11 market sectors with over 290 events, 28 targeted trade publications, 18 round-the-clock online products for over 2,000,000 quality exhibitors, visitors, conference delegates, advertisers and subscribers from all over the world. We provide a one-stop diversified global service for high-value business matching, quality market news and online trading networks.
OXFORD, England and LA CIOTAT, France, May 17, 2018 /PRNewswire/ — e-STROKE SUITE is the completedecision supportsoftwarefor theassessmentofCT and MRscans ofischemic strokepatients
Brainomix, based in Oxford, UK and Olea Medical, based in La Ciotat, France have joined forces to launch the e-STROKE SUITE. e-STROKE SUITE is the most complete imaging solution for stroke, which will transform how imaging is used in the field. It is the most holistic imaging solution available anywhere for clinical use, and integrates Artificial Intelligence (AI) algorithms, proprietary Bayesian post-processing methods and big data to support the assessment of plain CT, CT Angiography (CTA) and CT/MR perfusion scans.
Core components of the e-STROKE SUITE include e-ASPECTS and Olea Sphere® which are medical imaging solutions developed by the two companies that are already in use in hospitals around the world. The e-STROKE SUITE offering also includes the e-CTA software solution recently launched by Brainomix.
Brainomix started as a spin-off from the University of Oxford in 2010 and has evolved into a world-leading, AI-based medical imaging software company dedicated to improving outcomes of patients with neurological and cerebrovascular disorders. Brainomix’s clinically validated and proprietary software solutions are used in routine clinical practice at leading stroke centers in more than 16 countries worldwide with plans to expand further during 2018.
Olea Medical has established a strong credibility in stroke management, through the introduction of cutting-edge technologies, and partnerships with leading institutions worldwide. With over 100 scientific publications on their technology applied to stroke management in clinical practice in over 300 of the most prestigious healthcare centers worldwide, Olea Medical is the recognized leader in standardized, vendor-neutral, advanced quantitative and qualitative image post-processing.
Dr. Michalis Papadakis, Brainomix CEO, stated: “Today we announce to the stroke community what we believe to be a significant milestone for stroke imaging. What brings the two companies together is a common vision of improving lives of stroke patients by providing state-of-the-art imaging technology. Our new e-STROKE SUITE acts as a standardized and fast decision support tool to help physicians choose an appropriate treatment based on the quantitative analysis of plain CT, CTA and CT/MR perfusion scans.”
“Ten years ago, Olea was created with one main mission: improve diagnosis for life,” said Fayçal Djeridane, Olea Medical CEO. “Stroke was, at that time, our main concern. It is now one of our major priorities. Today, along with our innovative approach in advanced post-processing, we are happy to join forces with Brainomix to offer doctors the most outstanding technologies for the utmost benefit of patients all over the world. I trust this partnership will make a significant difference in patient care and bring new hope to those who struggle with this severe condition.”
Professor Istvan Szikora, Interventional Neuroradiologist at the National Institute of Neurosciences in Hungary stated, “Clinical practice in stroke requires a single imaging workflow that can speed up and standardize interpretation of CT, CTA and CT/MR perfusion scans to assist fast and accurate decision making. It is essential that imaging software solutions can support this workflow and are applied not only in the comprehensive stroke centres but also in the whole network of referring hospitals. Such solutions should come under a single software package and we are therefore watching with great enthusiasm and optimism the joint effort of Brainomix and Olea Medical, two leading companies in the field of medical imaging software for stroke, to launch the e-STROKE SUITE.”
About Brainomix:
Brainomix, a medical diagnostics software company, was founded in 2010 as a spin-out from the University of Oxford and is dedicated to improving outcomes for patients with neurological and cerebrovascular disorders. Brainomix is currently focusing on acute stroke. By developing and equipping physicians with world-class, artificial intelligence-based medical imaging software, Brainomix aims to help them in making life-saving treatment decisions by supporting the selection of the right treatment for the right stroke patient.
Olea Medical®, a Canon Medical Systems Corporation company, is a provider of advanced MR and CT imaging post-processing solutions. Based in La Ciotat, France, it designs and markets Olea Sphere®, a suite of innovative medical imaging applications that significantly improve diagnosis and monitoring. The company has built up its credibility through the domestication of cutting-edge technology, and partnerships with leading institutions worldwide. With proprietary Bayesian algorithms and optimization methods applied to medical imaging, Olea Medical® is today a key player in standardized, vendor-neutral, advanced MR quantitative and qualitative image post-processing. Covering both morphologic and functional imaging, Olea Medical® post-processing solutions bring complex mathematics into clinical practice for easy access to accurate and robust biomarkers and for enhanced diagnostic confidence and response-to-treatment assessment.
Social e-commerce is a derivative e-commerce mode. It is based on interpersonal relationship networks, with the help of a social media propagation path like WeChat, which is the most popular social app in China, through social interaction and user generated content to assist selling and consumption. It is the integration of e-commerce and social media.
In May 2018 the Yibaifen Group visited University of Florence in Italy. They discussed the development of brand in China and Europe and the cultural diversity.
As a new business model, social e-commerce in China is rising rapidly. It has gradually changed the way people consume and promote new products. Social e-commerce employed 20 million people in 2017. Since 2015, the mobile social e-commerce scale has exceeded 100 billion RMB. It is predicted that the market scale will reach 370 billion RMB by 2020.
Yibaifen Standing Out
Yibaifen Group is a health industry company integrating R&D production and sales based on social e-commerce. Yibaifen is leading the new retail of China’s health industry. The founder CEO Mr. Chen Hangzhou and his founding team have rich career experience in internet industry. They strive to provide a green and healthy lifestyle for mankind and provide an efficient and open platform for customers.
With an accurate marketing model and mature advertising strategy, Yibaifen has had rapid expansion through social e-commerce retail. Yibaifen has more than 60,000 agents and 200 offline retail stores. Products such as Prebiotics Tiantianai and Xiaohuayang sell well in China, USA, UK, Mexico and other international markets.
Bonuses for Yibaifen Agents
Yibaifen has put the interest of distributors and agents first. In the past 2 years, Yibaifen has rewarded its agents with world travel to Bali island and Taiwan. In May 2018, a customized tour of France, Italy and Switzerland for 9 days will be rewarded to the top agents.
-Wui-Jin Koh, MD, will take on new leadership position at alliance of 27 leading cancer centers
FORT WASHINGTON, Pennsylvania, May 17, 2018 /PRNewswire/ — The National Comprehensive Cancer Network® (NCCN®) has named Wui-Jin Koh, MD, as Senior Vice President, Chief Medical Officer; a newly-created position for the nonprofit alliance of top U.S. cancer centers. Dr. Koh will add additional physician representation at NCCN headquarters, which includes Chief Executive Officer Robert W. Carlson, MD, a practicing oncologist and internationally-recognized breast cancer expert. Dr. Koh is a board-certified radiation oncologist, professor, and medical director for radiation oncology at Fred Hutchinson Cancer Research Center / Seattle Cancer Care Alliance – an NCCN Member Institution. He specializes in the treatment of gynecologic and gastrointestinal malignancies.
The new CMO role will include overseeing the NCCN Oncology Research Program (ORP), which strives to improve and prolong the lives of people with cancer by advancing collaborative research. Dr. Koh will also help oversee the flagship NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) program. In addition, he will be responsible for medical leadership and oversight for NCCN’s continuing medical education program, and will represent the organization at clinical and scientific meetings.
“Wui-Jin has an extensive history of strong contributions to NCCN, and to the entire oncology community, patients and providers,” said Dr. Carlson. “This is someone who has already represented our organization worldwide, most-recently in Kenya, Uganda, and Trinidad. He has devoted his entire career to improving outcomes for people with cancer. That makes him an ideal representative for NCCN’s mission.”
“Studies have repeatedly shown how adhering to NCCN Guidelines® leads to better outcomes for people with cancer; it’s been a privilege to contribute to that life-saving legacy,” said Dr. Koh. “I look forward to doing even more in this new role to make sure that everyone has access to the best possible cancer care, worldwide.”
Dr. Koh began contributing his time to NCCN as a founding member of the NCCN Guidelines Panel for Uterine/Cervical Cancer in 1997, helping clinicians stay up-to-date on evidence-based treatment standards. He was named panel co-chair in 2004. His work is an integral part of the ongoing creation of the NCCN Harmonized Guidelines™ for Sub-Saharan Africa. Dr. Koh also served as a member of the pancreatic cancer panel for seven years, and currently sits on the editorial board of JNCCN – Journal of the National Comprehensive Cancer Network. He is also an editorial board member for Cancer, American Journal of Clinical Oncology, and Gynecologic Oncology Research and Practice, and a former member for Gynecologic Oncology.
In 2017, Dr. Koh was honored with the NCCN Board of Producer’s Award for individuals who exceeded expectations and provided exemplary service – alongside his longtime colleague, the late Benjamin Greer, MD. Outside of NCCN, Dr. Koh has held leadership positions with NRG Oncology (formerly Gynecologic Oncology Group), Western Association of Gynecologic Oncologists, International Society of Gynecologic Cancer, the National Cancer Institute’s Gynecologic Cancer Steering Committee, and the Society of Gynecologic Oncology.
“Looking beyond the lengthy list of impressive credentials, Wui-Jin is simply a great guy, and a wonderful communicator,” said Dr. Carlson. “He interacts well with people one-on-one and in groups. I look forward to him playing an integral role in improving the quality, effectiveness, and efficiency of cancer care at NCCN.”
Dr. Koh’s official start date will be October 1, 2018. Clickhereto download a high-resolution headshot.
About the National Comprehensive Cancer Network The National Comprehensive Cancer Network® (NCCN®), a not-for-profit alliance of 27 leading cancer centers devoted to patient care, research, and education, is dedicated to improving the quality, effectiveness, and efficiency of cancer care so that patients can live better lives. Through the leadership and expertise of clinical professionals at NCCN Member Institutions, NCCN develops resources that present valuable information to the numerous stakeholders in the health care delivery system. As the arbiter of high-quality cancer care, NCCN promotes the importance of continuous quality improvement and recognizes the significance of creating clinical practice guidelines appropriate for use by patients, clinicians, and other health care decision-makers.
The NCCN Member Institutions are: Fred & Pamela Buffett Cancer Center, Omaha, NE; Case Comprehensive Cancer Center/University Hospitals Seidman Cancer Center and Cleveland Clinic Taussig Cancer Institute, Cleveland, OH; City of Hope Comprehensive Cancer Center, Los Angeles, CA; Dana–Farber/Brigham and Women’s Cancer Center | Massachusetts General Hospital Cancer Center, Boston, MA; Duke Cancer Institute, Durham, NC; Fox Chase Cancer Center, Philadelphia, PA; Huntsman Cancer Institute at the University of Utah, Salt Lake City, UT; Fred Hutchinson Cancer Research Center/Seattle Cancer Care Alliance, Seattle, WA; The Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins, Baltimore, MD; Robert H. Lurie Comprehensive Cancer Center of Northwestern University, Chicago, IL; Mayo Clinic Cancer Center, Phoenix/Scottsdale, AZ, Jacksonville, FL, and Rochester, MN; Memorial Sloan Kettering Cancer Center, New York, NY; Moffitt Cancer Center, Tampa, FL; The Ohio State University Comprehensive Cancer Center – James Cancer Hospital and Solove Research Institute, Columbus, OH; Roswell Park Comprehensive Cancer Center, Buffalo, NY; Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine, St. Louis, MO; St. Jude Children’s Research Hospital/The University of Tennessee Health Science Center, Memphis, TN; Stanford Cancer Institute, Stanford, CA; University of Alabama at Birmingham Comprehensive Cancer Center, Birmingham, AL; UC San Diego Moores Cancer Center, La Jolla, CA; UCSF Helen Diller Family Comprehensive Cancer Center, San Francisco, CA; University of Colorado Cancer Center, Aurora, CO; University of Michigan Rogel Cancer Center, Ann Arbor, MI; The University of Texas MD Anderson Cancer Center, Houston, TX; University of Wisconsin Carbone Cancer Center, Madison, WI; Vanderbilt-Ingram Cancer Center, Nashville, TN; and Yale Cancer Center/Smilow Cancer Hospital, New Haven, CT.
MELBOURNE, Australia, May 18, 2018 /PRNewswire/ — BioScience Managers, one of Australia’s leading international life sciences investment firms, has invested in a new medical device platform through their BioScience Managers Ventures Fund I. The Canary Health Implantable Reporting Processor (CHIRP) uses innovative sensor and novel communication technology in medical devices to enable remote patient monitoring. “Smart” medical devices will self-report on everything from patient activity to recovery and even treatment failure, without the need for physician intervention or a dependence upon patient compliance.
BioScience Managers invested as part of a syndicate led by Quark Venture Inc and GF Securities, including Relentless Pursuit Partners’ Venture Fund in the first institutional round of investment in Canary Medical Inc., a medical data company dedicated to improving healthcare outcomes through the use of ‘smart’ medical devices.
The global orthopedic implants market was valued at greater than $47 billion in 2016, and is expected to grow to $75 billion by 2023. This translates to nearly $1 billion worth of medical implants currently inserted surgically into patients on a weekly basis. With few exceptions, these devices are silent with no monitoring capability. Canary will provide real-time feedback through its CHIRP™ system on an implant’s performance to be analysed using Canary’s Data AnalyticsTM software. Their resulting medical grade, super data set from the Canary implant and connected informatics network will enable better healthcare delivery for clinicians, both passively and remotely, translating to improved patient outcomes and reduced healthcare costs.
“One of the problems with wearable health and fitness monitors is that people forget to wear them, wear them only when they’re going to be active, or get bored with them and stash them away in their night table drawer,” says Bill Hunter, CEO of Canary Medical. “Wearable data is just not adequate, accurate, or continuous enough to base important medical decisions upon it; the Canary system eliminates all these problems. The funding provided by this financing will enable development of the ‘smart’ artificial knee implant through to commercial release. We have multiple use cases for the system; in addition to a variety of orthopedic applications, we will be tackling vascular implants next. “
BioScience Managers Matt McNamara (Chief Investment Officer) says, “the Canary Medical technology has the capacity to deliver better patient outcomes, more efficient delivery of treatment and a reduction in the cost of healthcare provision. That’s a triple bottom line outcome from a medical device using smart technology, while being at the forefront of healthcare management.”
About Canary Medical Inc.
Canary Medical was conceived and created by a team of surgeons, medical device developers, and IoT experts with the vision that (1) healthcare transformation requires better and cheaper healthcare data, (2) better monitoring and better data will produce better outcomes at lower costs, and (3) the patient’s own their healthcare data and should be compensated for its use. Canary Medical’s patented implant and data management ecosystem technology provides the vehicle to implement its vision. Canary is led by Bill Hunter, MD, a seasoned entrepreneur with previous experience founding and leading a successful medical device company based on breakthrough technology (Angiotech, which developed the TAXUS Drug-coated coronary stent implanted in millions of patients worldwide). Canary’s team is globally regarded for its medical device design and development expertise. For more information, visit http://canarymedical.com/
About BioScience Managers:
BioScience Managers is an international healthcare investment firm that finances and enables innovative science and technology with the potential to transform healthcare. Investments are made in both private and public companies, where its vision and strategic support enables it to deliver impressive investment returns. BioScience Managers operates from offices in Australia and the UK and from bases that span three regions – Europe, North America and the Asia Pacific, from where it sources investment opportunities. It is part of the PhillipCapital Group, which has more than US $28 billion under management and whose network of offices in 16 countries around the world provides access to valuable local knowledge and business contacts.
BEIJING, May 18, 2018 /PRNewswire/ — Shineco, Inc. (“Shineco” or the “Company”; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and other health and well-being focused plant-based products in China, announced today its financial results for the third quarter ended March 31, 2018.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, Inc., commented, “We are delighted that our increased capital spending in 2017 has translated into increased profitability in 2018. Our business in Xinjiang factory has turned a profit, and our sales in Shandong have remained stable. This is reflected in our financial results. Shineco’s gross profit had increased by 102% to $5.26 million, our operating margin had increased by 8.4 percentage points to 29.4%, and our gross margin had increased by 6.7 percentage points to 39.4% compared to the same period of last year.”
Mr. Zhang concluded, “The market’s response to our Luobuma product line has been immensely positive, as reflected by an impressive sales increase of 388.6% to $5.48 million from $1.12 million from the same period of last year. We are pleased with the recognition from our clients, as we continue to innovate and expand in the future.”
Third Quarter of 2018 Financial Highlights
For the Three Months Ended March 31
($ millions, except per share data)
2018
2017
% Change
Revenue
13.34
7.94
68.0%
Luobuma products
5.48
1.12
388.6%
Chinese medicinal herbal products
3.30
3.05
8.3%
Other agricultural products
4.56
3.77
20.9%
Gross profit
5.26
2.60
102.2%
Gross margin
39.4%
32.8%
6.7%
Operating income
3.92
1.67
135.0%
Operating margin
29.4%
21.0%
8.4%
Net income attributable to Shineco
4.55
1.92
136.8%
EPS
0.21
0.09
135.2%
Revenues increased by 68.0% to $13.34 million for the three months ended March 31, 2018 from $7.94 million for the same period last year.
Gross profit increased by 102.2% to $5.26 million for the three months ended March 31, 2018 from $2.60 million for the same period last year. Gross margin increased by 6.7 percentage points to 39.4% from 32.8% for the same period of last year.
Net income attributable to Shineco increased by 136.8% to $4.55 million, or $0.21 per basic and diluted share, for the three months ended March 31, 2018 from $1.92 million, or $0.09 per basic and diluted share, for the same period last year. The increases in net income and earnings per share were primarily due to an increase in gross profit, partially offset by an increase in general and administrative expenses.
Third Quarter of 2018 Financial Results
Revenues
Revenues for the three months ended March 31, 2018 increased by $5.40 million, or 68.0%, to $13.34 million from $7.94 million for the same period of last year, mainly due to increased sales of all products.
For the Three Months Ended March 31
2018
2017
($ millions)
Revenues
COGS
Gross Margin
Revenues
COGS
Gross Margin
Luobuma products
5.48
2.36
56.9%
1.12
0.57
49.2%
Chinese medicinal herbal products
3.30
2.56
22.0%
3.05
2.28
24.7%
Other agricultural products
4.56
3.15
31.0%
3.77
2.47
34.4%
Business and sales related taxes
–
0.01
–
–
0.02
–
Total
13.34
8.08
39.4%
7.94
5.34
32.8%
Revenues from Luobuma products increased by $4.36 million, or 388.6%, to $5.48 million for the three months ended March 31, 2018 from $1.12 million for the same period of last year, mainly due to establishment of new subsidiary, Xinjiang Taihe, which generated revenue of $5,210,768.
Revenues from Chinese medicinal herbal products increased by $0.25 million, or 8.3%, to $3.30 million for the three months ended March 31, 2018 from $3.05 million for the same period of last year. The increase was primarily due to more fulfilled sales orders from customers for the three months ended March 31, 2018 than the same period in 2017.
Revenues from other agricultural products increased by $0.79 million, or 20.9%, to $4.56 million for the three months ended March 31, 2018 from $3.77 million for the same period of last year. The sales of other agricultural products were mainly derived from sales of yew trees and our storage services. The increase was mainly due to the increase in sales volume of yew trees since the public realized the air purification function of the yew trees.
Gross profit and Gross Margin
Total cost of goods sold increased by $2.74 million, or 51.3%, to $8.08 million for the three months ended March 31, 2018 from $5.34 million for the same period of last year. Gross profit increased by $2.66 million, or 102.2%, to $5.26 million for the three months ended March 31, 2018 from $2.60 million for the same period of last year. Overall gross margin increased by 6.7 percentage points to 39.4% for the three months ended March 31, 2018, compared to 32.8% for the same period of last year.
Gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products were 56.9%, 22.0%, and 31.0%, respectively, for the three months ended March 31, 2018. This compared to gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products of 49.2%, 24.7%, and 34.4%, respectively, for the same period of last year.
Operating income
Selling expenses increased by $0.08 million, or 27.4%, to $0.39 million for the three months ended March 31, 2018 from $0.30 million for the same period of last year, primarily due to the acquisition of a new subsidiary, Tianjin Tajite, in October 2017. The increase in selling and distribution expenses was also a result of increased promotion expenses as the Company enhanced its online sales promotions, partially offset by decreased rent expense of warehouse and salary expenses due to more effective cost control during the three months ended March 31, 2018 compared to the same period of 2017. General and administrative expenses increased by $0.33 million, or 51.5%, to $0.96 million for the three months ended March 31, 2018 from $0.63 million for the same period of last year. The increase in general and administrative expenses was primarily due to the incorporation and acquisition of new subsidiaries, Tiankunrunze in last quarter of fiscal year 2017, and Xinjiang Taihe and Tianjin Tajite in fiscal year 2018. As a result, total operating expenses increased by $0.41 million, or 43.6%, to $1.34 million for the three months ended March 31, 2018 from $0.94 million for the same period of last year.
Operating income increased by $2.25 million, or 135.0%, to $3.92 million for the three months ended March 31, 2018 from $1.67 million for the same period of last year. Operating margin was 29.4% for the three months ended March 31, 2018, compared to 21.0% for the same period of last year.
Net income
Net income increased by $2.55 million, or 130.4%, to $4.51 million for the three months ended March 31, 2018 from $1.96 million for the same period of last year. After the deduction of non-controlling interests, net income attributable to common shareholders for the three months ended March 31, 2018 was $4.55 million, or $0.21 per basic and diluted share. This compared to net income attributable to common shareholders of $1.92 million, $0.09 per basic and diluted share, for the same period of last year.
Nine Months Ended March 31, 2018 Financial Results
For the Nine Months Ended March 31
($ millions, except per share data)
2018
2017
% Change
Revenue
35.28
25.53
38.2%
Luobuma products
10.41
2.77
276.0%
Chinese medicinal herbal products
10.23
9.73
5.2%
Other agricultural products
14.64
13.04
12.3%
Gross profit
12.17
8.47
43.6%
Gross margin
34.5%
33.2%
1.3%
Operating income
8.11
5.25
54.4%
Operating margin
23.0%
20.6%
2.4%
Net income attributable to Shineco
9.41
6.12
53.7%
EPS
0.45
0.30
49.3%
Revenues
Revenues for the nine months ended March 31, 2018 increased by $9.75 million, or 38.2%, to $35.28 million from $25.53 million for the same period of last year, mainly due to increased sales of all products.
For the Nine Months Ended March 31
2018
2017
($ millions)
Revenues
COGS
Gross Margin
Revenues
COGS
Gross Margin
Luobuma products
10.41
4.81
53.7%
2.77
1.37
50.0%
Chinese medicinal herbal products
10.23
7.89
22.5%
9.73
7.20
25.6%
Other agricultural products
14.64
10.36
29.2%
13.04
8.44
35.3%
Business and sales related taxes
–
0.06
–
–
0.05
–
Total
35.28
23.11
34.5%
25.53
17.06
33.2%
Revenues from Luobuma products increased by $7.64 million, or 276.0%, to $10.41 million for the nine months ended March 31, 2018 from $2.77 million for the same period of last year, mainly due to revenue generated by a new subsidiary, Xinjiang Taihe, of US$ 8,145,196. Moreover, the increase of revenue from this segment was due to increased sales volume of our health awareness related products. The Company also enhanced online sales promotions during the nine months ended March 31, 2018, which contributed to more sales revenue overall.
Revenues from Chinese medicinal herbal products increased by $0.51 million, or 5.2%, to $10.23 million for the nine months ended March 31, 2018 from $9.73 million for the same period of last year. The increase was primarily due to more fulfilled sales orders from customers for the nine months ended March 31, 2018 than the same period in 2017.
Revenues from other agricultural products increased by $1.60 million, or 12.3%, to $14.64 million for the nine months ended March 31, 2018 from $13.04 million for the same period of last year. The increase was mainly attributable to the increase in sales volume of yew trees since the public realized the air purification function of the yew trees.
Gross profit and Gross Margin
Total cost of goods sold increased by $6.06 million, or 35.5%, to $23.11 million for the nine months ended March 31, 2018 from $17.06 million for the same period of last year. Gross profit increased by $3.70 million, or 43.6%, to $12.17 million for the nine months ended March 31, 2018 from $8.47 million for the same period of last year. Overall gross margin increased by 1.3 percentage points to 34.5% for the nine months ended March 31, 2018, compared to 33.2% for the same period of last year.
Gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products were 53.7%, 22.5%, and 29.2%, respectively, for the nine months ended March 31, 2018. This compared to gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products of 50.0%, 25.6%, and 35.3%, respectively, for the same period of last year.
Operating income
Selling expenses increased by $0.05 million, or 3.9%, to $1.23 million for the nine months ended March 31, 2018 from $1.19 million for the same period of last year, primarily due to the acquisition of a new subsidiary, Tianjin Tajite, in October 2017. The increase in selling and distribution expenses was also a result of increased promotion expenses as the Company enhanced its online sales promotions, partially offset by decreased rent expense of warehouse and salary expenses due to more effective cost control during the nine months ended March 31, 2018 compared to the same period of 2017. General and administrative expenses increased by $0.79 million, or 39.0%, to $2.82 million for the nine months ended March 31, 2018 from $2.03 million for the same period of last year. The increase in general and administrative expenses was primarily attributable to the incorporation and acquisition of new subsidiaries, Tiankunrunze in second quarter of fiscal year 2017, and Xinjiang Taihe and Tianjin Tajite in fiscal year 2018. The increase in general and administrative expenses was also a result of increased professional service fees, such as attorney’s fees, consulting fees and auditing fees. As a result, total operating expenses increased by $0.84 million, or 26.0%, to $4.05 million for the nine months ended March 31, 2018 from $3.22 million for the same period of last year.
Operating income increased by $2.86 million, or 54.4%, to $8.11 million for the nine months ended March 31, 2018 from $5.25 million for the same period of last year. Operating margin was 23.0% for the nine months ended March 31, 2018, compared to 20.6% for the same period of last year.
Net income
Net income increased by $3.12 million, or 50.0%, to $9.35 million for the nine months ended March 31, 2018 from $6.23 million for the same period of last year. After the deduction of non-controlling interests, net income attributable to common shareholders for the nine months ended March 31, 2018 was $9.41 million, or $0.45 per basic and diluted share. This compared to net income attributable to common shareholders of $6.12 million, $0.30 per basic and diluted share, for the same period of last year.
Financial Condition
As of March 31, 2018, the Company had cash and cash equivalents of $28.43 million, compared to $23.15 million as of June 30, 2017. Net cash used in operating activities was $5.34 million for the nine months ended March 31, 2018, compared to net cash used in operating activities of $1.38 million for the same period of last year. Net cash used in investing activities was $0.90 million for the nine months ended March 31, 2018, compared to $1.69 million for the same period of last year. Net cash used in financing activities was $0.45 million for the nine months ended March 31, 2018, compared to net cash provided by financing activities of $5.60 million for the same period of last year.
About Shineco, Inc.
Incorporated in August 1997 and headquartered in Beijing, China, Shineco, Inc. (“Shineco” or the “Company”) is a Delaware holding company that uses its subsidiaries’ and variable interest entities’ vertically- and horizontally-integrated production, distribution and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles. For more information about the Company, please visit www.shinecobiotech.com.
Forward-Looking Statements
This press release contains information about Shineco’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco’s registration statement and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333 Email: tina.xiao@ascent-ir.com
SHINECO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
June 30,
2018
2017
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash
$
28,432,209
$
23,154,551
Accounts receivable, net
24,864,469
14,480,004
Due from related parties
409,193
448,833
Inventories
2,765,143
2,346,273
Advances to suppliers, net
3,582,001
2,396,123
Deferred issuance cost
434,000
–
Other current assets
818,934
1,900,143
TOTAL CURRENT ASSETS
61,305,949
44,725,927
Property and equipment, net
12,463,088
10,320,396
Land use right, net of accumulated amortization
1,426,571
1,346,631
Investments
6,703,975
5,695,080
Deposit for business acquisition
128,967
2,065,686
Distribution rights
1,175,033
–
Long-term deposit and other noncurrent assets
121,494
112,883
Prepaid leases
3,706,730
3,784,533
Deferred tax assets
–
233,834
Goodwill
2,230,683
–
TOTAL ASSETS
$
89,262,490
$
68,284,970
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term loans
$
2,481,156
$
2,663,628
Accounts payable
3,242,373
158,068
Advances from customers
6,811
5,439
Due to related parties
206,885
257,880
Other payables and accrued expenses
2,181,904
337,107
Taxes payable
2,385,329
1,608,926
TOTAL CURRENT LIABILITIES
10,504,458
5,031,048
Deferred tax liability
4,229
–
TOTAL LIABILITIES
10,508,687
5,031,048
Commitments and contingencies
–
–
EQUITY:
Common stock; par value $0.001, 100,000,000 shares authorized; 21,234,072 and 21,034,072 shares issued and outstanding at March 31, 2018 and June 30, 2017
21,234
21,034
Additional paid-in capital
23,171,102
22,737,302
Statutory reserve
4,074,570
3,484,449
Retained earnings
47,880,159
39,064,743
Accumulated other comprehensive loss
2,489,677
(3,140,982)
Total Stockholders’ equity of Shineco, Inc.
77,202,742
62,166,546
Non-controlling interest
1,117,061
1,087,376
TOTAL EQUITY
78,319,803
63,253,922
TOTAL LIABILITIES AND EQUITY
$
89,262,490
$
68,284,970
SHINECO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
For the Nine Months Ended March 31,
For the Three Months Ended March 31,
2018
2017
2018
2017
REVENUE
$
35,282,977
$
25,531,313
$
13,341,281
$
7,941,583
COST OF REVENUE
Cost of product and services
23,059,329
17,007,048
8,065,117
5,319,742
Business and sales related tax
55,624
53,228
14,287
19,264
Total cost of revenue
23,114,953
17,060,276
8,079,404
5,339,006
GROSS PROFIT
12,168,024
8,471,037
5,261,877
2,602,577
OPERATING EXPENSES
General and administrative expenses
2,820,689
2,029,981
956,765
631,640
Selling expenses
1,232,713
1,186,536
387,494
304,182
Total operating expenses
4,053,402
3,216,517
1,344,259
935,822
INCOME FROM OPERATIONS
8,114,622
5,254,520
3,917,618
1,666,755
OTHER INCOME
Income from equity method investments
703,453
699,380
352,801
297,612
Purchase rebate income
1,191,011
846,297
411,076
253,669
Other income
220,270
253,196
80,295
93,888
Interest income (expense), net
(41,684)
15,124
(10,360)
(25,414)
Total other income
2,073,050
1,813,997
833,812
619,755
INCOME BEFORE PROVISION FOR INCOME TAXES
10,187,672
7,068,517
4,751,430
2,286,510
PROVISION FOR INCOME TAXES
834,647
833,661
239,612
328,274
NET INCOME
9,353,025
6,234,856
4,511,818
1,958,236
Less: net income (loss) attributable to non-controlling interest
(52,512)
116,006
(40,084)
35,829
NET INCOME ATTRIBUTABLE TO SHINECO, INC.
$
9,405,537
$
6,118,850
$
4,551,902
$
1,922,407
COMPREHENSIVE INCOME
Net income
$
9,353,025
$
6,234,856
$
4,511,818
$
1,958,236
Other comprehensive income (loss): foreign currency translation gain (loss)
5,714,317
(1,985,492)
2,683,536
528,683
Total comprehensive income
15,067,342
4,249,364
7,195,354
2,486,919
Less: comprehensive income attributable to non-controlling interest
31,146
80,161
(1,249)
43,720
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHINECO, INC.
$
15,036,196
$
4,169,203
$
7,196,603
$
2,443,199
Weighted average number of shares basic and diluted
21,080,787
20,477,598
21,176,294
21,034,072
Basic and diluted earnings per common share
$
0.45
$
0.30
$
0.21
$
0.09
SHINECO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Nine Months Ended March 31,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
9,353,025
$
6,234,856
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
489,835
445,037
Loss from disposal of property and equipment
5,520
–
Bad debt expense
47,497
147,770
Increase in inventory reserve
153,029
45,419
Deferred tax (benefit) provision
(35,677)
9,790
Income from equity method investments
(703,452)
(699,380)
Interest income from loans to related parties
–
(86,585)
Changes in operating assets and liabilities:
Accounts receivable
(8,876,896)
(7,744,632)
Advances to suppliers
(939,882)
(929,907)
Inventories
(315,834)
2,613,094
Other receivables
259,946
(864,944)
Prepaid expense and other assets
233,107
(192,464)
Due from related parties
125,501
361,287
Prepaid leases
361,665
351,480
Accounts payable
2,945,920
185,693
Advances from customers
(81,157)
26,247
Other payables
1,716,955
(1,519,339)
Taxes payable
604,558
232,390
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
5,343,660
(1,384,188)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment
(1,721,647)
(41,016)
Proceeds from disposal of property and equipment
603
–
Payment for construction in progress
(5,843)
–
Repayments (advances to) of loans from third parties
831,453
(506,452)
Loan advances to related party
(53,443)
–
Repayments of loans from related parties
–
567,246
Income received from investments in unconsolidated entities
152,694
551,933
Deposit for business acquisition
(123,682)
(2,060,548)
Deposit for potential investment
–
(200,000)
Cash of subsidiary acquired
23,153
–
NET CASH (USED IN) INVESTING ACTIVITIES
(896,712)
(1,688,837)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loans
2,443,100
2,680,184
Repayment of short-term loans
(2,820,126)
(2,406,426)
Stock issuance cost payable
–
843,844
Proceeds from initial public offering, net of offering costs
–
4,550,705
Repayments of advances from related parties
(68,465)
(68,984)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
