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NEW YORK (TheStreet) -- Aoxing Pharmaceutical (AXN) shares are up by 8.33% to $1.43 in late morning trading on Friday, following the release of the company's fiscal 2016 first quarter financial results.

The Jersey City, NJ-based biopharmaceutical company reported first quarter earnings of 2 cents per share, versus the break even quarter it reported a year ago.

Revenue for the period rose by 91.5% to $8.74 million.

There were no consensus analysts' estimates for the company's quarterly fiscal performance. 

"We are proud to have achieved these strong first quarter results. Our Zhongtongan product, now included in the government essential drug procurement lists in four new provinces, has continued to accelerate our sales growth in Q1 2016," said CEO Zhenjiang Yue. "Our Tilidine HCL pain management tablets, scheduled for market introduction later this fiscal year, should add to this growth and produce substantial revenue by the end of fiscal 2016."

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The stock is trading on heavy volume with 2.1 million shares having changed hands so far today versus the stock's 306,000 shares daily average. 

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