HARBIN, China, Sept. 10 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (OTC Bulletin Board: CSKI), a manufacturer, marketer and distributor of pharmaceutical, medicinal and diagnostic products in China, today announced that it won the bidding process organized by the Chinese Ministry of Science and Technology for a $1.5 million grant to further develop its six Early-Stage Cancer Diagnostic Kit project. These six products were created by First Bio-Engineering Company Limited ("First"), the Company’s wholly-owned subsidiary. These products will enter into clinical trials in the first half of 2008.
The Company will receive a total grant of $1.5 million over two years, 60% of which will be received in September 2007 and 40% of which will be received in the beginning of 2008. The grant will support the Company’s research and development efforts on the six products. The Company will commence the clinical trial in the first half of 2008 to test sensitivity, specificity and accuracy of the products.
The six new products, upon commercial launch, will be used for the fast screening and supplementary clinical diagnosis for various cancers, including the Colloidal Gold Rapid Diagnosis Reagent Kit for each of lung, stomach, intestinal, liver, pancreatic and ovarian cancers.
The bidding process, initiated by the Ministry of Science and Technology of People’s Republic of China ("MOST") in early 2007, is to advance the Country’s competitiveness in developing world-standard technologies by providing project funding to the winning enterprises. This bidding process, only open to domestic enterprises, consists of multiple stages of assessment and elimination of projects at the provincial as well as the national level. Selection criteria are based on innovation and feasibility of the project.
Mr. Yanqing Liu, Chief Executive Officer and President of China Sky One Medical stated, "This project aims to develop cancer diagnosis techniques and provide them to domestic hospitals at an affordable cost. This again speaks to our commitment to enhancing the overall health of Chinese people." Mr. Liu continued, "As the only winning healthcare enterprise in the Heilongjiang province, the recognition by MOST further solidifies our leading position in technology innovation at the local as well the national level."
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding company whose principal operations are through its subsidiaries, which are engaged in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic kit 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’s principal revenue source is the manufacturing and sale of over-the-counter pharmaceutical products. http://www.skyonemedical.com .
Certain of the statements made herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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:
In the United States:
Ashley Ammon MacFarlane
Integrated Corporate Relations, Inc.
Tel: +1-203-682-8200 (Investor Relations)
Christine Duan
Integrated Corporate Relations, Inc.
Tel: +1-203-682-8200 (Investor Relations)
In Asia:
Xuyang Zhang
Integrated Corporate Relations, Inc.
Tel: +86-10-8523-3087 (Investor Relations)
