Aoxing Pharmaceutical has reported revenues of $6.12m for the full year ended 30 June 2010 compared to $8.94m during the same period in 2009.
The reduction of revenue occurred because Aoxing consolidated its manufacturing facilities in the summer of 2009, requiring re-certification or the facilities by the Chinese government.
Loss from operations was $3.58m for the full year ended 30 June 2010, compared to $6.35m for the year ago period.
For the full year ended 30 June 2010, Aoxing Pharma has posted a net loss of $0.84m, or $0.02 per diluted share, compared to $2.7m, or $0.06 per diluted share, for the year ago period.
Aoxing Pharma founder, CEO and chairman Zhenjiang Yue said that they have entered 2011 with exciting advances in their narcotic and pain management product franchise.
"We now have a clear path forward to commercialise our own pipeline products, as well as new product opportunities under the international joint venture and product collaborations with our strategic partners, including Johnson Matthey, QRxPharma and Phoenix PharmaLabs, in broader acute, chronic-pain and drug addiction therapeutics," Yue said.
Aoxing Pharma is a specialty pharmaceutical company with its operations in China, specialising in research, development, manufacturing and distribution of a variety of narcotics and pain-management products.