UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2013
_____________
Commission File Number: 001-32371
_______
SINOVAC BIOTECH LTD.
No. 39 Shangdi Xi Road
Haidian District
Beijing 100085, People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________________
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SINOVAC BIOTECH LTD. | ||
| By: | /s/ Weidong Yin | |
| Name: Weidong Yin | ||
| Title: Chairman and Chief Executive Officer | ||
| Date: June 3, 2013 | ||
Exhibit Index
Exhibit 99.1 – Press Release
Exhibit 99.2 – Press Release
Exhibit 99.3 – Press Release
Exhibit 99.1
Sinovac Reports Unaudited First Quarter 2013 Financial Results
-Conference call scheduled for Tuesday, May 28, 2013 at 8:00 AM EDT -
BEIJING, May 28, 2013 /PRNewswire/ — Sinovac Biotech Ltd. (SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited first quarter financial results for the period ended March 31, 2013.
First Quarter 2013 Financial Highlights (Year-over-year comparisons to first quarter 2012)
· Total sales increased by 68% to $10.1 million.
· Gross profit increased by 90% to $7.1 million and gross profit margin percentage increased to 70% from 62%.
· Net loss attributable to common stockholders was $2.0 million, or $0.04 per basic and diluted share, compared to a net loss of $5.6 million, or $0.10 per basic and diluted share, for the first quarter 2012.
· Cash and cash equivalents totaled $91.6 million as of March 31, 2013, compared to $91.2 million as of December 31, 2012.
Business Highlight:
· In January 2013, Sinovac completed a pre-clinical study for its varicella vaccine candidate and submitted an application to the China Food and Drug Administration (CFDA) to commence clinical trials.
· In April, Sinovac Biotech Co., Ltd. or Sinovac Beijing, the main operating subsidiary company of Sinovac, obtained a certificate of Good Manufacturing Practices for Pharmaceutical Products (GMP certificate) from the China Food and Drug Administration (CFDA) for its proprietary vaccines, its Haidian bulk production plants, and its Changping filing and packaging facility. The GMP certificate covers Sinovac Beijing's vaccines commercialized in China and approved for stockpiling, inclusive of the inactivated hepatitis A vaccine (human diploid cell); Inactivated hepatitis A and B combined vaccine; influenza vaccine (split virion), inactivated; H5N1 pandemic influenza vaccine (inactivated, adjuvanted); pandemic influenza vaccine (split virion, adjuvanted); and H1N1 influenza A vaccine (split virion, inactivated). The GMP certificate is valid for five years expiring on April 17, 2018.
Dr. Weidong Yin, Chairman, President and CEO, commented, "I am very pleased with the sales performance of our hepatitis A vaccine in the first quarter 2013, which is the primary driver to the total sales growth of 68% year-over-year. In the first quarter, the mumps vaccine manufactured by our Dalian site was commercialized, which also contributed to the sales growth in the first quarter."
Dr. Yin continued, "As our commercialized vaccines keep growing, our near-term pipeline product, the enterovirus 71 (EV71) vaccine, realized another significant milestone. Enterovirus 71 (EV71) vaccine remains to be a significant unmet medical need across China and Asia because of the widespread outbreaks of hand, foot and mouth disease (HFMD) caused by EV71 and significant pediatric mortality rates. In 2012, over 2 million cased were reported and over 500 fatal cased published by China National Health and Family Planning Commission ( or "NHFPC", previously named China Ministry of Health). We announced the approximately 95% efficacy rate of our proprietary EV71 vaccine from the phase III clinical trial on this vaccine. Based on the study results, our EV71 vaccine candidate has a good safety, immunogenicity and efficacy profile. The next step is to file the new drug application to Beijing Drug Administration in order to apply for the new drug certificate and the production license. And it is expected to launch in 2014."
"We are also committed to advance our other vaccine development pipeline. We have a few pipeline products, including varicella vaccine, pneumococcal vaccines and rubella vaccine that are under the evaluation by CFDA for granting a clinical trial approval. We believe the advancement of these product development programs will maintain our sustainable growth in long term."
Financial Review for First Quarter Ended March 31, 2013
An analysis of sales and gross profit is as follows:
| In USD'000 | 2013Q1 | % of Sales | 2012Q1 | % of Sales | Change % | |||||||||||||||
| Hepatitis A - Healive | 6,165 | 61.3 | % | 1,612 | 27.0 | % | 282.4 | % | ||||||||||||
| Hepatitis A&B - Bilive | 2,995 | 29.8 | % | 4,015 | 67.2 | % | -25.4 | % | ||||||||||||
| Hepatitis vaccines | 9,160 | 91.1 | % | 5,627 | 94.2 | % | 62.8 | % | ||||||||||||
| Influenza vaccines | 294 | 3.0 | % | 314 | 5.3 | % | -6.4 | % | ||||||||||||
| Core sales | 9,454 | 94.1 | % | 5,941 | 99.5 | % | 59.1 | % | ||||||||||||
| Animal vaccine | 13 | 0.1 | % | 32 | 0.5 | % | -59.4 | % | ||||||||||||
| Mumps vaccines | 585 | 5.8 | % | - | - | - | ||||||||||||||
| Total sales | 10,052 | 100 | % | 5,973 | 100 | % | 68.3 | % | ||||||||||||
| Cost of goods sold | 2,992 | 29.8 | % | 2,255 | 37.8 | % | 32.7 | % | ||||||||||||
| Gross profit | 7,060 | 70.2 | % | 3,718 | 62.2 | % | 89.9 | % | ||||||||||||
Total sales for the first quarter 2013 increased by 68% to $10.1 million, from $6.0 million in first quarter of 2012. The total sales growth was primarily driven by sales increase in Healive which was due to the favorable competitive landscape. The mumps vaccine manufactured by our Dalian site was firstly commercialized in the current quarter that also contributed to the total sales growth. The total sales growth was partly offset by the decrease of Bilive sales.
Gross profit of the first quarter 2013 increased by 90% to $7.1 million from $3.7 million in the same period of 2012. Gross profit margin percentage increased to 70% from 62% in 2012 with Healive sales represented 61% of the current quarter sales compared to 27% in same period of 2012. The main reasons for the increased gross profit margin in first quarter 2013 were the lower unit cost of Healive resulted from higher production volume in response to increased sales and the higher sales mix of Healive vaccines in syringe sold at premium price.
Selling, general and administrative expenses for the first quarter 2013 were $6.4 million, compared to $4.3 million in the same period of 2012. SG&A expenses as a percentage of the sales in first quarter of 2013 were 63%, compared to 72% for the same quarter of prior year. The increase in SG&A expenses was mainly due to increased selling activities and costs that resulted in sales increases in hepatitis A and new mumps vaccines; Material and labor costs mainly for the ongoing validation activities to prepare for GMP certification for the EV71 manufacturing facilities in the Changping site; And higher operating, amortization and utilities costs in current quarter in Changping site, which was under renovation in same period of prior year.
R&D expenses in the first quarter of 2013 were $1.8 million, a significant decrease from $7.3 million in the same period of 2012 as the EV71 vaccine Phase III clinical trial was approaching to the end stage in current quarter where it just started in the same period of 2012. Also, since mumps was commercialized, no research and development expenses in current quarter while it was being developed in the same period of 2012.
Depreciation of property, plant and equipment and amortization of licenses and permits for the first quarter of 2013 was $0.8 million, compared to $0.3 million for the same period of prior year. Depreciation increased because more assets were put into service at the Changping facility since the last quarter of 2012.
Net loss attributable to stockholders in the first quarter of 2013 was $2.0 million, or $0.04 per basic and diluted share, compared to a net loss of $5.6 million, or $0.10 per basic and diluted share, for the same quarter of last year.
As of March 31, 2013, cash and cash equivalents totaled $91.6 million, compared to $91.2 million as of December 31, 2012. Net cash used in operating activities was $5.6 million in the first quarter of 2013. Net cash of $2.1 million was used in investing activities which was mainly used for payment and prepayment for acquiring property, plant and equipment for Changping facility. Net cash provided by financing activities was $8.0 million in the first quarter of 2013, including loan proceeds of $7.5 million drawn under credit facilities already in place supporting EV71 vaccine commercialization and daily operations. When appropriate, the Company will seek new sources of financing to commercialize other pipeline products.
Conference Call Details
The Company will host a conference call on Tuesday, May 28, 2013 at 8:00 a.m. EDT (May 28, 2013 at 8:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (International). A replay of the call will be available from 11 a.m. EDT on May 28, 2012 to June 11, 2013 at midnight. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 414862.
A live audio webcast of the call will also be available from the investors section on the corporate web site at www.sinovac.com. A webcast replay can be accessed on the corporate website beginning May 28, 2013 and the replay will remain available for 30 days.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu) and mumps, as well as animal rabies vaccine for canines. The Company recently concluded the phase III clinical trial for enterovirus 71 (against hand, foot and mouth disease). In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured it for the Chinese Central Government, pursuant to the government-stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government-stockpiling program. Sinovac is developing a number of new pipeline vaccines including vaccines for pneumococcal polysaccharides, pneumococcal conjugate, varicella and rubella. Sinovac sells its vaccines mainly in China and exports selected vaccines to Mongolia, Nepal, and the Philippines. Sinovac has also been granted a license to commercialize seasonal flu vaccine in Mexico.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Helen Yang/Chris Lee
Sinovac Biotech Ltd.
Tel: +86-10-8279-9871/9659
Fax: +86-10-6296-6910
Email: ir@sinovac.com
Investors:
Stephanie Carrington
The Ruth Group
Tel: +1-646-536-7017
Email: scarrington@theruthgroup.com
Media:
Aaron Estrada
The Ruth Group
Tel: +1-646-536-7028
Email: aestrada@theruthgroup.com
| SINOVAC BIOTECH LTD. |
| Consolidated Balance Sheets |
| (Unaudited) |
| March 31,2013 |
| (Expressed in U.S. Dollars) |
| March 31,2013 | December 31,2012 | |||||||
| Cash and cash equivalents | 91,562,252 | 91,240,956 | ||||||
| Accounts receivable | 27,343,747 | 23,440,135 | ||||||
| Inventories | 12,216,885 | 10,529,476 | ||||||
| Prepaid expenses and deposits | 934,590 | 1,072,078 | ||||||
| Other assets | 1,455,089 | - | ||||||
| Total current assets | 133,512,563 | 126,282,645 | ||||||
| Property, plant and equipment | 69,028,391 | 69,171,601 | ||||||
| Land-use right | 10,876,860 | 10,911,782 | ||||||
| Long-term inventory | - | 28,692 | ||||||
| Long-term prepaid expenses | 245,454 | 289,766 | ||||||
| Deposits for acquistion of equipment | 623,601 | 483,278 | ||||||
| Deferred tax asset | 444,481 | 445,589 | ||||||
| License and permit | 1,053,253 | 1,149,914 | ||||||
| Total assets | 215,784,603 | 208,763,267 | ||||||
| Current liabilities | ||||||||
| Loans payable | 5,753,714 | 3,328,590 | ||||||
| Accounts payable and accrued liabilities | 26,862,950 | 24,777,808 | ||||||
| Income tax payable | 239,517 | 238,775 | ||||||
| Deferred revenue | 213,821 | 1,378,425 | ||||||
| Deferred research grants | 432,437 | 431,097 | ||||||
| Total current liabilities | 33,502,439 | 30,154,695 | ||||||
| Deferred research grants | 4,433,927 | 4,068,602 | ||||||
| Loans payable | 36,218,996 | 31,181,235 | ||||||
| Due to related party | 3,240,162 | 3,230,125 | ||||||
| Deferred revenue - H5N1 | 10,826,303 | 10,693,247 | ||||||
| Total long-term liabilities | 54,719,388 | 49,173,209 | ||||||
| Total liabilities | 88,221,827 | 79,327,904 | ||||||
| Commitments and contingencies | ||||||||
| Stockholder's equity | ||||||||
| Common stock | 55,099 | 55,092 | ||||||
| Additional paid in capital | 106,506,367 | 106,245,934 | ||||||
| Accumulated other comprehensive income | 11,975,712 | 11,770,927 | ||||||
| Dedicated reserves | 11,808,271 | 11,808,271 | ||||||
| Accumulated deficit | (14,164,251 | ) | (12,156,414 | ) | ||||
| Total stockholders' equity | 116,181,198 | 117,723,810 | ||||||
| Non-controlling interest | 11,381,578 | 11,711,553 | ||||||
| Total equity | 127,562,776 | 129,435,363 | ||||||
| Total equity and liability | 215,784,603 | 208,763,267 | ||||||
| SINOVAC BIOTECH LTD. |
| Consolidated Statements of Operations and Comprehensive Income (loss) |
| March 31,2013 |
| (Unaudited) |
| (Expressed in U.S. Dollars) |
| Jan-Mar 2013 | Jan-Mar 2012 | |||||||
| Sales | 10,052,215 | 5,973,467 | ||||||
| Cost of sales(exclusive of depreciation of land use right and amortization of licenses and permits of $103,762 and $54,979 in the first quarter of 2013 and 2012 respectively) | 2,991,864 | 2,255,289 | ||||||
| Gross profit | 7,060,351 | 3,718,178 | ||||||
| Selling, general and administrative expenses | 6,363,357 | 4,320,289 | ||||||
| Provision for doubtful account | 282,190 | - | ||||||
| Research and development expenses | 1,847,607 | 7,342,172 | ||||||
| Depreciation of property, plant and equipment and amortization of licenses and permits | 772,146 | 307,443 | ||||||
| Loss on disposal and Impairment of equipment | (2,401 | ) | - | |||||
| Government grants recognized in income | - | (71,204 | ) | |||||
| Total operating expenses | 9,262,899 | 11,898,700 | ||||||
| Operating income | (2,202,548 | ) | (8,180,522 | ) | ||||
| Interest and financing expenses | (663,087 | ) | (214,320 | ) | ||||
| Interest income | 441,318 | 597,671 | ||||||
| Other income and expenses | 60,762 | 118,078 | ||||||
| Loss before income taxes and Minority interest | (2,363,555 | ) | (7,679,093 | ) | ||||
| Income taxes -current | - | 2,902 | ||||||
| Income taxes -deferred | (2,489 | ) | - | |||||
| Income tax expense - total | (2,489 | ) | 2,902.00 | |||||
| Consolidated Net Loss | (2,366,044 | ) | (7,676,191 | ) | ||||
| Net Income attributable to the noncontrolling interest | (358,207 | ) | (2,063,136 | ) | ||||
| Net Income attributable to stockholders | (2,007,837 | ) | (5,613,055 | ) | ||||
| Net Loss | (2,366,044 | ) | (7,676,191 | ) | ||||
| Foreign currency translation adjustment | 233,709 | 646,783 | ||||||
| Total comprehensive income (loss) | (2,132,335 | ) | (7,029,408 | ) | ||||
| Less: comprehensive (income) loss attributable to non-controlling interests | (329,283 | ) | (1,979,589 | ) | ||||
| Comprehensive income (loss) attributable to stockholders | (1,803,052 | ) | (5,049,819 | ) | ||||
| Weighted average number of shares of | ||||||||
| Basic | 55,097,228 | 54,608,919 | ||||||
| Diluted | 55,097,228 | 54,608,919 | ||||||
| Loss per share | ||||||||
| Basic | (0.04 | ) | (0.10 | ) | ||||
| Diluted | (0.04 | ) | (0.10 | ) | ||||
| SINOVAC BIOTECH LTD. |
| Consolidated Statements of Cash Flow |
| March 31,2013 |
| (Unaudited) |
| (Expressed in U.S. Dollars) |
| Jan-Mar 2013 | Jan-Mar 2012 | |||||||
| Cash flows from (used in) operating activities: | ||||||||
| Net income(loss) | (2,366,044 | ) | (7,676,191 | ) | ||||
| Deferred income tax | 2,489 | (2,902 | ) | |||||
| Stock-based compensation | 75,839 | 80,175 | ||||||
| Inventory provison | - | 85,864 | ||||||
| Provision for (recovery of) doubtful allowance | 282,190 | - | ||||||
| Disposal of Fixed assets | 436,739 | - | ||||||
| Fixed assets impairment | - | - | ||||||
| Unrealized foreign exchange and gain | - | (210,581 | ) | |||||
| Research and development expenditures qualified for government grant | - | (79,113 | ) | |||||
| Depreciation of property, plant and equipment, | 1,698,367 | 1,252,550 | ||||||
| Deferred government grants recognized as income | - | (71,204 | ) | |||||
| Accreation expenses | - | 68,391 | ||||||
| Changes in assets and liabilities: | - | - | ||||||
| Accounts receivable, trade | (3,777,167 | ) | (1,285,806 | ) | ||||
| Inventory | (3,075,056 | ) | (1,319,475 | ) | ||||
| Income tax payable | - | 12,210 | ||||||
| Prepaid expenses and deposits | (143,749 | ) | 782,156 | |||||
| Defer revenue | (1,066,999 | ) | (99,517 | ) | ||||
| Accounts payables and accrued liabilities | 2,364,764 | (3,404,810 | ) | |||||
| Net cash provided by operating activities | (5,568,627 | ) | (11,868,253 | ) | ||||
| Cash flows from financing activities | ||||||||
| Loan proceed | 7,479,781 | 2,023,939 | ||||||
| Loan Payments | - | - | ||||||
| Proceeds from issuance of common stock | 164,000 | 3,040 | ||||||
| Proceed from shares subscribed | - | - | ||||||
| Exercise of stock options | 10,880 | 47,360 | ||||||
| Government grant received | 303,626 | - | ||||||
| Repayment from (loan to) non-controlling shareholder of Sinovac Beijing | - | (800,717 | ) | |||||
| Repayment from (loan to) non-controlling shareholder of Sinovac Dalian | - | 3,175,266 | ||||||
| Net cash provided by financing activities | 7,958,287 | 4,448,888 | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds from disposal of equipment | - | - | ||||||
| Proceeds from redemption of short-term investments | - | - | ||||||
| Purchase of short-term investments | - | - | ||||||
| Prepayments for acquisition of equipment | (138,554 | ) | - | |||||
| Acquisition of property, plant and equipment | (2,021,953 | ) | (2,960,461 | ) | ||||
| Net cash used in investing activities | (2,160,507 | ) | (2,960,461 | ) | ||||
| Exchange gain on cash and cash equivalents | 92,143 | 582,778 | ||||||
| Increase in cash and cash equivalents | 321,296 | (9,797,048 | ) | |||||
| Cash and cash equivalents, beginning of year | 91,240,956 | 104,286,695 | ||||||
| Cash and cash equivalents, end of year | 91,562,252 | 94,489,647 | ||||||
Exhibit 99.2
Sinovac Files New Drug Application for EV71 Vaccine and Receives Filing Acceptance from Beijing Drug Administration
BEIJING, May 30, 2013 /PRNewswire/ — Sinovac Biotech Ltd. (SVA), a leading provider of biopharmaceutical products in China, today announced Sinovac's new drug application (NDA) for its proprietary EV71 vaccine has been filed and accepted by the Beijing Drug Administration. In terms of next steps for the NDA review process in China, the Beijing Drug Administration will conduct an on-site inspection on the circumstances of Sinovac's clinical trials and submit its on-site inspection opinion along with the application documentations to Centers for Drug Evaluation (CDE) of China Food and Drug Administration (CFDA) for further review and evaluation.
In March 2013, Sinovac completed the Phase III clinical trial for its EV71 vaccine candidate and reported preliminary top-line data that showed approximately 95% efficacy rate for the vaccine against HFMD caused by enterovirus 71 (EV71). Throughout the three phases of the clinical trials, the results demonstrated a good safety, immunogenicity and efficacy profile for Sinovac's proprietary EV71 vaccine candidate. In China in 2012, 2.16 million cases of EV71 were reported along with 560 EV71 related fatalities in 2012.
In parallel, Sinovac's dedicated EV71 vaccine manufacturing facility has been completed and is ready for the GMP inspection by CFDA.
Dr. Weidong Yin, Chairman, President and CEO, commented, "Filing the NDA and receiving filing acceptance from the Beijing Drug Administration is a significant milestone as for the China regulatory process for our EV71 vaccine candidate. Due to the severe epidemic situation among children and infants in China, China Food and Drug Administration has been paying high attentions to the vaccine development and aim at supplying the high-quality vaccines against EV71 to the high-risk populations as soon as possible. As you may remember, in late 2010, Sinovac was approved by CFDA to continuously conduct all three phases of the human clinical trials on EV71 vaccine candidates instead of phase by phase approval as the standard process. And according to the results from phase III clinical trial, our vaccine candidate demonstrated approximately 95% efficacy rate against HFMD caused by EV71 among the 10,000 healthy volunteers, ages from 6 to 35 months old in Phase III trial and has the potential to address a significant unmet medical need facing the pediatric population in China and surrounding countries given the high fatality rates and rapid onset of this highly contagious disease."
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu) and mumps, as well as animal rabies vaccine for canines. The Company recently concluded the phase III clinical trial for enterovirus 71 (against hand, foot and mouth disease). In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured it for the Chinese Central Government, pursuant to the government-stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government-stockpiling program. Sinovac is developing a number of new pipeline vaccines including vaccines for pneumococcal polysaccharides, pneumococcal conjugate, varicella and rubella. Sinovac sells its vaccines mainly in China and exports selected vaccines to Mongolia, Nepal, and the Philippines. Sinovac has also been granted a license to commercialize seasonal flu vaccine in Mexico.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Helen Yang/Chris Lee
Sinovac Biotech Ltd.
Tel: +86-10-8279-9659/9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com
Investors:
Stephanie Carrington
The Ruth Group
Tel: +1-646-536-7017
Email: scarrington@theruthgroup.com
Media:
Aaron Estrada
The Ruth Group
Tel: +1-646-536-7028
Email: aestrada@theruthgroup.com
Exhibit 99.3
Sinovac Appoints New Chief Financial Officer
Vice President of Sinovac Named CFO
BEIJING, May 31, 2013 /PRNewswire/ — Sinovac Biotech Ltd. (SVA), a leading provider of biopharmaceutical products in China, announced today that Ms. Nan Wang, Vice President of Sinovac, has been appointed as Chief Financial Officer, effective June 1, 2013. Mr. Danny Chung, who was Chief Financial Officer, has resigned for family reasons.
Since joining the Company in 2001, Ms. Wang has served in different senior management roles inclusive of Vice General Manager of Sinovac Beijing, the Company's primary operating subsidiary, former General Manager of Sinovac Dalian, and as a member of the Board of Directors of Sinovac Beijing and Sinovac Dalian. She oversees Sinovac's business development, strategic management and investment. She was instrumental in leading the Company's successful public offering in early 2010. Ms Wang previously served as Interim CFO in 2011 before Mr. Chung joined the Company. She is actively involved in the Company's investor relations activities. Ms. Wang received her Bachelor of Science degree in Biology from Peking University and her Master of Business Administration degree from the University of International Business and Economics, Beijing PRC. She also holds a Diploma in Financial Management, jointly issued by the Association of Chartered Certified Accountants (ACCA) and Beijing College for Entrepreneurs.
Mr. Weidong Yin, Chairman, President and CEO, stated, "For more than twelve years, Nan has served as a valuable member of Sinovac's senior management team and developed a wealth of experience in the vaccine sector, communications with investors, fundraising, and financial management. We believe her business experience will bring additional value to the finance team as the Company prepares to grow with the introduction of new products. On behalf of the Board, we appreciate Danny's contributions to the Company and wish Danny all the best in his future endeavors."
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing and commercialization
of vaccines that protect against human infectious diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza
(avian flu), H1N1 influenza (swine flu) and mumps, as well as animal rabies vaccine for canines. The Company recently concluded
the phase III clinical trial for enterovirus 71 (against hand, foot and mouth disease). In 2009, Sinovac was the first company
worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured it for the Chinese Central Government,
pursuant to the government-stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine
to the government-stockpiling program. Sinovac is developing a number of new pipeline vaccines including vaccines for pneumococcal
polysaccharides, pneumococcal conjugate, varicella and rubella. Sinovac sells its vaccines mainly in China and exports selected
vaccines to Mongolia, Nepal, and the Philippines. Sinovac has also been granted a license to commercialize seasonal flu vaccine
in Mexico.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases
such as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things, the business outlook and quotations from
management in this press release contain forward-looking statements. Statements that are not historical facts, including statements
about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking
statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable
law.
Helen Yang/Chris Lee
Sinovac Biotech Ltd.
Tel: +86-10-8279-9659/9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com
Investors:
Stephanie Carrington
The Ruth Group
Tel: +1-646-536-7017
Email: scarrington@theruthgroup.com
Media:
Aaron Estrada
The Ruth Group
Tel: +1-646-536-7028
Email: aestrada@theruthgroup.com