NANPING, China, March 25, 2020 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that the Company, together with Fuzhou University, have achieved a breakthrough in developing Covid-19 Testing Kits.
Currently, the main Covid-19 detection method is nucleic acid detection. The average detection takes 5-6 hours, while the misdetection rate is high and the cost is high. In the past two months, the Company has been dedicated to developing a more efficient and affordable testing kit for Covid-19 through its biochemical laboratory that the Company jointly established with School of Bioscience and Engineering, Fuzhou University.
The Company made a breakthrough and successfully developed the colloidal gold testing kit by adopting the antibody detection method. The colloidal gold testing kits innovatively use multiple target tests combined with IgM / IgG tests, which greatly improve the detection sensitivity. The detection rate of IgM antibody in clinical patients is more than 70%, and that of IgG antibody in convalescent patients is more than 90%. The testing kits not only greatly improve the success rate of detection, but also greatly shorten the detection time to 10-15 minutes, while the cost is relatively low compared to the nucleic acid detection.
"We are ready to submit the CFDA certification application next week, and we expect to receive the approval soon since the CFDA has granted emergency approval mechanism for Covid-19 Testing Kits. We also plan to apply for CE certification in Europe and FDA certification in the United States. We are very grateful to the experts of Fuzhou University and the staff of our biochemical laboratory for their hard work. At present, the company has begun to transform the production workshop to prepare for mass production. We believe that through the efforts of companies like us, people all over the world will be able to use more efficient and affordable Covid-19 testing kits in the near future." Mr. Xuezhu Wang, CEO of the Company, proudly stated.
About Fuzhou University
As one of the national key universities listed in "Project 211", Fuzhou University was co-sponsored by the Fujian Government and the Ministry of Education of PRC. Founded in 1958, Fuzhou University is comprised of 19 schools and colleges focusing on full-time undergraduate and graduate education, as well as 1 affiliated college. FZU now has 1 national key discipline, 1 national (nurturing) discipline, 5 provincial outstanding discipline innovation platforms, 6 provincial distinctive key disciplines, and 26 provincial key disciplines. It now has its disciplines of chemistry, engineering and materials science listed in the global top 1% on the Thomson Reuters' Essential Science Indicators (ESI) ranking. It offers 11 post-doctoral research stations, 10 doctoral degree programs in first-level disciplines, 3 in second-level disciplines (not including first-level disciplines); 36 master's degree programs in first-level disciplines, 7 in second-level disciplines (not including first-level disciplines); degree-awarding powers for 12 professional degrees (with Master of Engineering in 23 engineering branches); 78 undergraduate majors.
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited is an innovative China-based nutraceutical and dietary supplements producer focused on the research, development, manufacturing and marketing of a variety of products made from Chinese herbal extracts and other ingredients. The Company's goal is to provide high-quality products to our consumers. Over the past 14 years, the Company has established a product portfolio consisting of 32 CFDA registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. For more information, please visit: www.happ.org.cn.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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