SOBM.OB * nice UP trend

[D&Data]

[setravis]

Just keeps on trucking....... IdFix + Applaud for you !!

Technicals
Record Volume
Record Price High
Most Actives
Percentage Gainer


Interesting company.
Created via...a reverse merger, then did a 40:1 forward split in March,
where the chart starts and the market seems to like their line of business.

Formerly=CDoor Corp. until 3-2007
Primary SIC — Industry Classification
3620 - Electrical Industrial Apparatus
State Of Incorporation
DE
Country Of Incorporation
USA

[setravis]

Form 10QSB for SINOBIOMED INC


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18-May-2007

Quarterly Report



Item 2. Management's Discussion and Analysis or Plan of Operation
You should read the following plan of operation together with our financial statements and related notes appearing elsewhere in this quarterly report. This plan of operation contains forward-looking statements that involve risks, uncertainties, and assumptions. The actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those presented under "Risk Factors" elsewhere in this Annual Report.

Overview

As from the inception of the Company and until the end of November 2006 we were in business of developing a Patent known as the "Car Door Safety Feature", however, we determined to change our business plan from the development of the Car Door Safety Feature Patent and began focusing around the Chinese biopharmaceutical industry. On January 12, 2007, the Company completed the reverse merger of Wanxin Bio-Technology Limited ("Wanxin") and all the subsidiaries of Wanxin in accordance with the Share Purchase Agreement, whereby the Company acquired 100% of the issued and outstanding shares in the capital of Wanxin (the "Wanxin Capital"), through the issuance of 1,750,000 (pre forward stock split) shares of common stock of the Company in aggregate to the shareholders of Wanxin on a pro rata basis in accordance with each Wanxin shareholder's percentage of ownership in Wanxin.

Wanxin is a company incorporated under the laws of the British Virgin Islands. Its only asset at the time of the reverse merger was 100% ownership of Manhing Enterprises Limited ("Manhing"), a company incorporated under the laws of Hong Kong. Manhing's only asset was 82% ownership of Shanghai Wanxing Bio-pharmaceuticals Co., Ltd. ("Wanxing Bio-Pharmaceuticals"), a Sino- Foreign Joint Venture company incorporated with limited liability under the laws of the People's Republic of China. Wanxing Bio-Pharmaceuticals' business is research, development, manufacture and sale of pharmaceutical products, primarily for the Chinese market. There are two product lines currently manufactured and sold as at March 31, 2007 and several other potential products in various stages of research and development. The product lines currently sold are Wanferon/Wanferin, formulations of recombinant human interferon for treating hepatitis and viral diseases and Leflunomide, a drug for the treatment of rheumatoid arthritis. Wanxing Bio-Pharmaceuticals received a new drug licence for a third product, acidic Fibroblast Growth Factor ("aFGF"), in January 2007. This product will enter commercial production when Good Manufacturing Practice ("GMP") certification is received from the Chinese government, expected in June 2007. Wanxing Bio-Pharmaceuticals' offices and manufacturing facility are in owned premises located on land used under license in the Pudong New Area of Shanghai, China.

Wanxing Bio-Pharmaceuticals is also the owner of 50.33% of Shanghai Wanxing Bio-science Cosmetic Co., Ltd. ("Wanxing Cosmetic"). Wanxing Cosmetic manufactures skin-care products under the brand name KaiYing.

Revenues

The Company has revenues from the Wanferon/Wanferin product line and the cosmetics products in the three months ended March 31, 2007. The Company also sells a relatively small amount of reagent, which is product completed only to the stage where it can still be made into various different recombinant protein based pharmaceutical products.

Wanferon/Wanferin sales accounted for $124,903 of sales revenue and $111,621 of cost of sales in the three months ended March 31, 2007, as compared to $136,199 of sales revenue and $99,322 of cost of sales in the three months ended March 31, 2006. The market for this product line is very competitive, and selling prices have been decreasing through the 2006 year and to date in 2007.

Cosmetics sales accounted for $71,801 of sales revenue and $50,200 of cost of sales in the three months ended March 31, 2007, as compared to $10,134 of sales revenue and $13,629 of cost of sales in the three months ended March 31, 2006.



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There were no sales of the Leflunomide product, which is sold by an independent sales agent under license, in the three months ended March 31, 2007. The Company has an agreement with the sales agent under which the sales agent is required to sell a minimum amount of product each year. The sales agent did not meet its sales target for the first year of the agreement, which ended March 31, 2007.

Operating Expenses

Operating expenses increased from $572,971 for the three months ended March 31 2006 to $1,358,760 for the three months ended March 31 2007. This increase was primarily due to 1) an increase in General and Administrative Expenses and 2) an expense relating to Stock-Based Compensation, for the first time being recorded in 2007.

1) General and Administrative Expenses

General and administrative expenses increased to $470,169 from $93,343 in the comparable period in the previous year, partially due to additional professional and reporting costs associated with the reverse take-over which occurred in the period and in being a public company with operating businesses. Also contributing to the increase in general and administrative expenses was the fact that the company has more administrative activity in 2007 associated with getting the aFGF product on line. In addition, the Wanxing Bio-pharmaceuticals manufacturing facility has been closed down since December of 2006, as required by Chinese law, while that company goes through the application and review process for the purposes of obtaining its GMP certification for manufacturing of the aFGF product. As a result, certain overhead and indirect manufacturing costs that would normally be absorbed into the cost of manufactured inventory have been included in expense.

2) Stock-based compensation

Stock-based compensation expense of $454,536 was recognized in the three months ended March 31, 2007 compared to $ nil in the comparable period in the previous year. The expense represents recognition of 10% of 6,000,000 options with an aggregate value of $4,545,364 granted on March 1, 2007 in accordance with the Company's stock option and incentive plan. Under the terms of the grant, 5% of the options vested immediately and another 5% vested on April 1, 2007. 5% of the options will vest on the first day of each subsequent month until October 1, 2008.

Net Loss

As a result of the increase in our operating expenses our net loss for the three months ended March 31, 2007 was $1,777,344, compared to a net loss of $975,297 for the three months ended March 31, 2006 (of the Wanxin subsidiaries) and the related cash used in operating activities in the three months ended March 31, 2007 was $608,241, compared to cash used of $184,270 for the three months ended March 31, 2006.

Liquidity and Capital Resources

At March 31, 2007 we had $437,928 of cash on hand (including $416,000 received from subscriptions to acquire the Company's stock) and a working capital deficiency of $25,035,751. However subsequent to March 31 2007 we have raised additional gross proceeds of $2,763,001 from private placements. The Company is currently in the process of raising additional funds from private placements. The Company believes that the funds raised and the funds it plans to raise from additional equity financing, and its future revenues will enable the Company to meet its working capital needs and its debt service requirements for the following 12 months .



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[D&Data]

Thanks Set',
it appears that nthg can stop it !!!