Aida Pharmaceuticals, Inc., one of mainland China's leading pharmaceutical companies, announced the Company has issued a financial update to its investors.

On August 14, 2006, Aida Pharmaceuticals announced its completed acquisition of majority control of Shanghai Qiaer Biotechnology, a company leading the Chinese pharmaceutical industry in the development of gene-therapy Rh-Apo2L. 

Aida generated a profit of approximately $1.47 million on revenues of approximately $24.53 million at year-end 2005. More recently, Aida announced $7,284,888 in revenues for the second quarter ended June 30, 2006, a 44% increase over revenues of $5,031,908 for the quarter ended June 30, 2005.

This represents a sequential revenue increase of approximately 37% from revenues of $5,331,827 for the quarter ended March 31, 2006.

Aida Pharmaceuticals and Shanghai Qiaer Biotechnology are awaiting approval for Phase II and Phase III clinical trials from the State Food and Drug Administration (SFDA) in China to continue to develop Rh-Apo2L.

Aida will apply for Rh-Apo2L's Category 'A' drug license and seek production approval from the SFDA, assuming the process takes place as previously announced and remains on schedule. Once received, this license will then enable Aida to produce, market and sell Rh-Apo2L in 2008 in mainland China.

Aida Pharmaceuticals remains focused on driving long term value for the Company and its shareholders through a strategy of product development and acquisitions. Aida Pharmaceuticals is dedicated to build on and enhance its core competencies.

The Company will consider acquiring pharmaceutical companies that research and develop promising new drug therapies including, but not limited to antibiotics, cardiovascular, gene therapy and cancer treatments. It is the goal of Aida Pharmaceuticals to bring meaningful and effective drug therapies to market in mainland China and international markets.

Aida Pharmaceuticals continues to take strides in its continuous adherence to all North American accounting and regulatory rules and regulations.

Source:佚名