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Worldwide Biotech & Pharmaceutical Obtains the China Patent
Golden Medal For Its 'Intact Hepatitis C Virus (HCV) and Method for
Culturing HCV in Vitro by Cell Culture'
Thursday August 25, 9:00 am ET
Marks the Highest Award Over the Past 10
Years in the Biomedical Sciences Industry in China
XI'AN, China, Aug. 25 /Xinhua-PRNewswire/ -- Worldwide Biotech &
Pharmaceutical Company (OTC Bulletin Board: WWBP - News; ''WWBP'')
has obtained the China Patent Golden Medal for ''the Intact
Hepatitis C Virus (HCV) and Method for Culturing HCV in Vitro by
The project ''The Intact Hepatitis C Virus (HCV) and Method for
Culturing HCV in vitro by Cell Culture'' was awarded the Chinese
Patent by China Patent Bureau on October 23rd, 2002. The patent was
then awarded the prestigious China Patent Golden Medal (Chinese
Patent No. 01124001.6) in the 8th China Patent Assessment organized
by both General World Intellectual Property Organization (WIPO) and
the China Patent Office. Importantly, this patent was recognized by
the World Intellectual Property Organization (WIPO), issued as an
outstanding Chinese Patented Invention, and was the highest award
issued for achievements in the biomedical sciences industry over the
past 10 years in China.
''We are highly encouraged with our patent which is recognized by
the WIPO and it is such a great achievement for the whole company.
It's a great milestone,'' said WenXia Guo, CEO and President of WWBP,
''the success of this patented invention leads our company to a
worldwide market, we will continue our development and research of
new inventions and bring health to every customer.''
About World Intellectual Property
The World Intellectual Property Organization (WIPO) is an
international organization dedicated to promoting the use and
protection of works of the human spirit. These works -- intellectual
property -- are expanding the bounds of science and technology and
enriching the world of the arts. Through its work, WIPO plays an
important role in enhancing the quality and enjoyment of life, as
well as creating real wealth for nations. With headquarters in
Geneva, Switzerland, WIPO is one of the 16 specialized agencies of
the United Nations system of organizations. It administers 23
international treaties dealing with different aspects of
intellectual property protection.
About Worldwide Biotech & Pharmaceutical
Worldwide Biotech & Pharmaceutical Co. (''WWBP'') is a hi-tech
biotech company with top-ranking pharmaceutical R&D abilities, Good
Manufacturing Practices (GMP) licensed manufacturing facilities and
a well-established marketing network in China and Southeast Asia.
The product range of WWBP covers Hepatitis C Virus (HCV) products,
diagnostic medicines and Over-The-Counter (OTC) drugs. WWBP
currently possesses 35,940 square meters of land and 5,359 square
meters of GMP standard facilities. With strong pharmaceutical R&D
abilities especially in the HCV field, WWBP has been known as the
first biotech company in the world to hold the technology of
culturing intact HCV in vitro by cell culture.
WWBP has achieved a GMP production scale level of 10,000 ml for
concentrated HCV material and 10 grams HCV antigen per month, which
is expected to bring WWBP considerable gross sale revenue each year
and greatly strengthen the company's R&D on anti-HCV drug screen and
HCV human vaccine. WWBP had successfully reached two Memoriam of
Understanding of Merger Agreements with pharmaceutical companies in
China, all of which have scalable production and well-established
sales networks, and the acquiring is expected to be finished before
the end of September 2005. The acquisitions will strengthen WWBP's
R&D abilities and production scale, as well as extend its marketing
network throughout China and Southeast Asia. WWBP has been working
closely with pharmaceutical research institutes, and has established
connections with both central & local governments.
Worldwide Biotech and Pharmaceutical Company, by and through its wholly owned subsidiary, Yangling Daiying Biotech and Pharmaceutical Group Co., Ltd., formerly Yangling Daiying Biotech Engineering Co., Ltd. (Daiying), a company incorporated on November 2001 in Shaanxi Province, China, has, effective on July 12, 2005, entered into an investment contract with Xian Jinyou Investment Management Co., Ltd. (Jinyou), for the purposes of forming a new company to be formed as a limited liability company pursuant to the laws and regulations of China, said company to be known as Shaanxi Daiying Medicine Distribution Co., Ltd.
Stock-based compensation expense increased to $2,837,946 for the six months ended June 30, 2005 from $0 for the six months ended June 30, 2004. The increase in stock-based compensation expense was attributable to the amortization of deferred compensation related to previously granted stock warrants and the granting of common stock to consultants for business development services rendered. As of June 30, 2005, we had deferred consulting expense of $1,052,000 that will be amortized into operations in the future that will have a negative effect on our operations. We expect to incur similar stock-based compensation and consulting expense in the future.
Pursuant to the Investment Agreement, both Daiying and Jinyou will invest a total of approximately $600,000.00 U.S. Dollars of which Daiying will investment $445,000.00 for 90 percent of Shaanxi Daiying and Jinyou will invest approximately $155,000.00 for 10 percent for Shaanxi Daiying. The companys anticipated purpose is the wholesale distribution of traditional Chinese medicine, including Chinese medicine drink tablets, synthetic medicine, antibiotics, biotech medicine and biotech reagents; wholesale of Class II medical devices, Class III medical devices, including but not limited to, medical sewing materials and bond, medical high molecular materials and products, and disposable sterile medical devices. Investors will not be required to invest until three (3) months after applying for the companys business name, at the business administrations office in China, and at said time said funds shall be funded.
Management's Discussion and Analysis of Financial Condition and Results of Operation