China Medicine Corporation of Guangzhou said Q1 results show a 54% increase in net income ($1.2 million) on revenues that were 39% higher ($7.1 million) than the same quarter a year ago. China Medicine said its improved financial performance was helped by an expansion of its distribution network to include the rural areas of its home base in Guangdong Province. The company was also able to take advance of the online bidding process to increase its provincial distribution rights in Q4 of 2007. More details...

Stock Symbol: (OTCBB: CHME)

China-based biopharmas reported higher Q1 revenues and profits last week: American Oriental Bioengineering, Mindray Medical, and Simcere Pharmaceutical all started off the year with new levels of performance. The SFDA will introduce rules to shorten the wait for IND rulings for innovative drugs, Venturepharm Asia, revealed plans to build two labs in Jiangsu province, WuXi PharmaTech postponed a secondary stock offering, GlaxoSmithKline created a new division to focus on emerging markets, BMP Sunstone received clearance to begin human trials of Enablex®, and Takara Bio Inc. began testing a cancer immunotherapy in China. More details...

Stock Symbols: (NYSE: AOB) (NYSE: MR) (NSDQ: DSCP) (NYSE: SCR) (NYSE: WX) (NYSE: GSK) (NSDQ: BJGP) (NYSE: NVS) (TSE: 4974)

The SFDA will soon introduce new rules that will speed up the IND process for innovative drugs in China. The new procedures will not, apparently, change overall IND standards. However, the SFDA will establish guidelines that distinguish innovative drugs, especially those for unmet needs, from less significant submissions. These innovative INDs will receive first priority at the SFDA and result in a speedier ruling, though the SFDA did not declare a specific target for IND turnaround time. More details...

Mindray Medical International Limited, the Shenzhen-based medical device and in-vitro diagnostic test company, announced its first quarter financial results, reporting substantial increases in revenues and profits. The results were not only ahead of last year, but they beat the numbers projected by Wall Street analysts. While releasing the details of its Q1 performance, the company also issued new guidance for the year that includes its soon-to-be-completed acquisition.  More details...

Stock Symbols: (NYSE: MR) (NSDQ: DSCP)

BMP Sunstone Corporation said its Clinical Trial Application for Enablex® (Darifenacin) was accepted by the SFDA, allowing the company to begin clinical trials of the treatment for overactive bladder (OAB). BMP will start human trials in the first half of 2009 and expects that approval will follow sometime in 2011. Novartis, which owns Enablex, signed an agreement with BMP Sunstone in November 2007, authorizing the company to seek marketing approval for the drug. If the drug is approved for use in China, BMP Sunstone will have ten years of marketing exclusivity for Enablex. More details...

Stock Symbols: (NSDQ: BJGP) (NYSE: NVS) (NYSE: PFE) 

American Oriental Bioengineering, Inc. reported greatly improved financial results in its first quarter.  The company booked a 51% increase in revenue and a 46% jump in net income. Revenues were $38.8 million, and the company recorded net income of $9.4 million. Earnings per share moved up to 12 cps from 10 cps during Q1 of 2007. An increase in the outstanding number of shares kept the number from climbing higher. More details...

Stock Symbol: (NYSE: AOB)

Venturepharm Asia, a joint venture between Commonwealth Biotechnologies and Venturepharm, will build two state-of-the-art chemistry facilities in Jiangsu province, China, with capital provided by Venturepharm and grants awarded by the federal government of China. The labs will employ 200 chemists by the end of 2008, and the JV expects to have 1000 scientists on board in 2010. The JV expects “strong” revenues in the first twelve months of operation, though it did not disclose a specific figure. It further projects that revenues will expand five-fold by 2010. More details...

Stock Symbols: (NSDQ: CBTE) (HK: 8225)

Simcere Pharmaceutical Group released its first quarter financial report showing modestly higher revenues and a large increase in net profit. In Q1, Simcere booked revenues of 394 million RMB ($56.3 million), a solid increase of 26% from the year earlier period, and net income of 112 million RMB ($16 million), a much larger jump of 68%. The increases came from the company's three first-to-market products.  More details...

Stock Symbol: (NYSE: SCR)

WuXi PharmaTech, the Shanghai-located CRO, has postponed its secondary stock offering, which was proposed one month ago, citing market conditions and the trading price of its ADSs. At the time of the SEC filing, WuXi was selling for $22.15. It has since declined to $19.15. More details...

Stock Symbol: (NYSE: WX)

GlaxoSmithKline has reorganized its corporate structure to put an increased focus on emerging markets. A new management group was given the charge of increasing business in the Emerging Markets, defined as China, Russia, Brazil, India and the Middle East. Even though the countries are not closely linked geographically, GSK believes the structure of the pharmaceutical markets in each nation is very similar, allowing for a unified strategy. The move was taken because of the growth for pharmaceuticals expected in these countries.  More details...

Stock Symbol: (NYSE: GSK) (NSDQ: SIRT)