Sinobiomed, Needing a Turnaround, Replaces Entire Management Team

Sinobiomed Inc. has replaced its entire management team with people who have both venture capital and industry experience. Sinobiomed is up against the ropes financially – it has no cash and little in the way of revenues. It talks about its ten recombinant products – three on the market, four in clinical trials and three in research and development – but with only $347,000 in cash, just $827,000 in revenues (for nine months), and a net loss of $4.1 million (also for nine months), the company must do something quickly. It is looking at a working capital deficiency of $14.3 million. More details...

Stock Symbol: (OTCBB: SOBM)