HARBIN, China, May 4 /PRNewswire-Asia/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), today announced that the Research & Development project for the Company's Sudden Cardiac Death (SCD) Early Examination Kit has been appraised by the Heilongjiang Bureau of Science and Technology. The R&D project was undertaken jointly by China Sky One Medical and Harbin Medical University.
The leader of this project is Prof. Baofeng Yang, the Principal of Harbin Medical University, who is also the Chief Scientist of Chinese National 973 Project and Standing Director of the China Pharmaceutical Alliance. Prof. Yang has dedicated a large part of his career to researching SCD and his fundamental research has led to several breakthroughs. In 2008, Prof. Yang and his research team found that the concentration of a substance called "MicroRNA-1" in human blood has positive correlation with the occurrence of SCD. After detailed clinical studies involving many samples, Prof. Yang concluded that the existence of MicroRNA-1 in human blood is a useful predictor of SCD, and higher concentrations of MicroRNA-1 means a higher probability of SCD. The discovery was published in the Journal of Nature-Medicine. In late 2008, Prof. Yang received the national patent for this discovery.
In order to commercialize SCD diagnostic technology, Harbin Medical University transferred the patent exclusively to Harbin First Bio-Engineering Company Limited, the wholly owned subsidiary of China Sky One Medical, in early 2009. The two parties will collaborate in researching a production method for the SCD Early Examination Kit that includes large scale clinical trial comparisons. Their research has been going smoothly and according to schedule.
The team of specialists from the Heilongjiang Bureau of Science and Technology concluded that the research was successful and reliably conducted. As a result, the Company is permitted to begin the research and application process for its Sudden Cardiac Death (SCD) Early Examination Kit, which will be classified as a national new product under the diagnostic kit category. The appraisal team noted that the success of the project would represent a significant breakthrough in preventing and reducing the threat of SCD.
"We are proud because this project represents one of the very few proprietary technologies in the bio-diagnostic field that is owned by the Chinese," Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "We expect to complete the new product application process within one year. We believe that there is huge market potential for this new product and that revenues could likely reach over $20 million a year."
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding company. The Company engages in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic products. Through its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company ("TDR"), Harbin First Bio- Engineering Company Limited ("First"), Heilongjiang Tianlong Pharmaceutical, Inc. ("Tianlong") and Peng Lai Jin Chuang Pharmaceutical Company ("Jin Chuang") the Company manufactures and distributes over-the-counter pharmaceutical products, which make up its major revenue source. For more information, visit http://www.skyonemedical.com.
Safe Harbor Statement
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward- looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
For more information, please contact:
Company Contact:
China Sky One Medical, Inc.
Mr. Yu-Bo Hao, CFO
Tel: +86-0451-53994069
Email: china_sky_one@yahoo.cn
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
