HARBIN, China, April 26 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (OTC Bulletin Board: CSKI), one of the leading producers and distributors for external-Chinese medicine in China, has received a grant from the Heilongjiang government (USD $500,000) to perform monoclonal antibody research and development. CSKI has been informed that it is the first company in the Heilongjiang province to receive such a government grant.
The Company will work jointly with the reputable China Nankai University to develop a monoclonal antibody that can be targeted to attach to a specific substance on cancer cells. The laboratory-produced monoclonal antibodies will be carefully engineered to target specific defects in cancer cells. The development of this monoclonal antibody drug may eventually lead to patents and the development of anti-tumor drugs.
Monoclonal antibody research and development is extensively supported by the Science Ministry of the People's Republic of China. The China government currently encourages the cooperation between companies, universities, government agencies and institutions in the research and development of monoclonal antibodies. At the end of 2004, the United States Food and Drug Administration agency approved about 20 monoclonal antibody drugs. The monoclonal antibody market has grown rapidly in recent years, reaching sales of USD $14 billion in 2005, an increase of 36.5% from 2004 sales of USD $10.3 billion.
"Our company is extremely excited that we are receiving the support of the Heilongjiang government in this endeavor, and we feel this research opportunity could lead to potentially valuable technology in the future," stated Dr. Liu Yan-Qing, Chief Executive Officer and President of China Sky One Medical, Inc. "We wish to express our enthusiasm to the government of Heilongjiang Province in granting us this opportunity."
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding company which through its subsidiaries, engages in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic kit products. Through its wholly-owned subsidiaries, American California Pharmaceutical Group, Inc. ("ACPG"), Harbin Tian Di Ren Medical Science and Technology Company ("TDR"), Kangxi Medical Care Product Factory ("Kangxi"), and Harbin First Bio-Engineering Company Limited ("First"), the Company's principal revenue source is the manufacture and sale of over-the-counter pharmaceutical products.
ACPG, a wholly-owned subsidiary of the Company, operates as a holding company for the other subsidiaries. TDR's principal business is the manufacture and sale of branded nutritional supplements and over-the-counter plant and herb-based medicinal products. Its manufacturing facilities are in the City of Harbin, Heilongjiang Province. It has evolved into an integrated manufacturer, marketer, and distributor of external use natural Chinese medicinal products sold primarily to and through domestic pharmaceutical chain stores in China with its subsidiaries, Kangxi and First. Kangxi's principal business activity is to manufacture and sell branded external use Chinese medicine and other natural products under the registered trademark "Kangxi." It has 6 product lines: spray, ointment, powder, patch, cream, and miscellaneous health and beauty products. It has become one of the leading external use Chinese medicine factories with a full range of product lines and development capacity. First's principal business activity is to research and develop the use of natural medicinal plants and biological technology products such as New Endothelin-1. First is one of the first companies in Heilongjiang Province conducting research and development of high technology biological products. Its facility is now under final inspection by the Chinese State Food and Drug Administration ("SFDA") for the qualification as a certified GMP production facility. On July 31, 2006, Kangxi merged with First, with Kangxi's existing business activities continuing under First. For more information, please visit 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.
