HARBIN, China, Oct. 29 /Xinhua-PRNewswire-FirstCall/ -- 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"), announced today that it recently reached an agreement to purchase a proprietary breast drug from Harbin Medical University for the treatment of lobular hyperplastic lesions of the breast.
Heilongjiang Tianlong Pharmaceutical Company, a subsidiary of China Sky One Medical, will purchase the breast drug for RMB 10 million (USD $1.46 million) from Harbin Medical University. The drug is intended to treat lobular hyperplasia in women, a type of mastitis that may lead to breast cancer. It is believed that lobular hyperplasia is brought about by stress, over work, and an irregular, high-pressure lifestyle. There are currently no drugs on the market dedicated to treating the disease, which is estimated to affect 36 million women in China.
China Sky One Medical collaborated with Harbin Medical University to develop the drug, which has been approved by the State Food and Drug Administration (SFDA) in China. First phase clinical trials have been completed. In over 10,000 trials, the drug has been shown to be 100% effective with an 89% curability rate. Following the completion of additional clinical trials, the Company expects to obtain production approval for the drug from the SFDA in two to three years following the purchase.
"We are very excited about the prospects for this drug, and estimate that it will generate RMB 1 billion (USD $146.2 million) within five years once production begins," said Mr. Yan-Qing Liu, Chairman, CEO and President of China Sky One Medical. By acquiring this drug from Harbin Medical University, we will further strengthen and diversify our product line and enhance future profitability."
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") and Harbin First Bio- Engineering Company Limited ("First"), 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 our future plans, objectives or performance. 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, Board Secretary
Tel: +86-0451-5399-4069
Email: china_sky_one@yahoo.cn
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
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