China Penny Stocks
Asian-Based Investment Fund Sees Exceptional Potential in Sinobiomed Product Pipeline
Jul 30, 2008 11:12:00 AM
SHANGHAI, CHINA -- (MARKET WIRE) -- 07/30/08 -- Sinobiomed Inc. ("Sinobiomed", or "the Company") (OTCBB: SOBM) is pleased to announce that it has secured a portion of US$500,000 in new convertible debenture funding that an Asian-based investment fund, Accelera Ventures Ltd., has committed to invest in the Company.
The new funding strengthens Sinobiomed's ability to implement current strategic initiatives that will place the Company in a strong position for growth and accelerate product development. Sinobiomed will announce details of these initiatives in coming weeks.
"We have a strong product pipeline and are preparing the next steps in our corporate development," said Banyun Yang, Sinobiomed CEO. "With the current new funding from Accelera Ventures, we are further strengthening our cash position to prepare for the next phase of clinical trials and corporate opportunities."
Dennis Kam, Managing Director of Accelera Ventures, said: "Accelera strongly believes in Sinobiomed's future. We think the Company's product pipeline has two therapies in particular that could potentially become blockbuster drugs in their respective markets: recombinant Batroxobin (rBAT) and recombinant malaria candidate vaccine (PfCP2.9). We are very pleased to become long-term partners in the growth of Sinobiomed."