LOS ANGELES, Oct. 24 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical Inc. announced today that on October 16, 2006, the company successfully entered into the field of research and development of tissue and stem cell banks, with the establishment of Harbin Tian Qing Biotech Application Company. Such research had previously been controlled solely by the Chinese government.
The decision to enter the controlled field of biotech development, focusing on tissue and stem cell banks as well as organs, nerves, blood, myocardium and corneas, is for medical purposes. The Chinese government recently altered its policy to allow one company per geographic area in China to become actively involved in research in this field.
CSKI received government acknowledgement of their application from China’s Ministry of Health on August 9, 2006, following detailed preparation and persistent endeavors. Then, on October 12, 2006, the relevant local office of the Health Department of Heilongjiang Province, China, undertook evaluations aided by biotech and clinical experts as well as moral philosophers.
After reviewing the development conditions, qualifications of researchers and the supporting organizations, all experts unanimously agreed that CSKI was capable of aiding the development of this field. This took place at a presentation by the company’s project department. CSKI was the only company entering this field ahead of counterparts in northeast China and complied with national regulations. It was stipulated that there should be an exclusive enterprise engaging in the field over certain geographic area in northeast China, with the experts supporting CSKI.
The experts also unanimously suggested that CSKI could extend its development scope to the development of human tissue engineering techniques and application in areas including bone, soft-bone, muscle tendon and skin, by improving the current R&D basis. Mr. Liu Yan-qing, CEO of CSKI expressed his pleasure at this announcement.
Based on evaluation results, examination results and expert demonstrations, experts came to the conclusion that the Health Department of Heilongjiang Province should approve CSKI’s application to enter these fields for medical purposes.
On Oct. 16th, 2006, the Health Department of Heilongjiang Province, on the basis of the evaluation of results from experts, issued a document approving CSKI to enter into the field of above-mentioned development areas was issued to Industrial and Commercial departments, consequently issuing the company license to permit its entering into the aforementioned fields.
Thereafter, Harbin Tian Qing Biotech Application Company, the subsidiary of CSKI, obtained legal operation rights in these fields, preventing other companies from entering also. Harbin Tian Qing Biotech Application Company intends to take full advantage of this monopoly and create new focal points for CSKI.
For more information, please contact: Mr. Alvin Pan Sinavest Corporate Relations Tel: +1-213-225-6226 Web: http://www.sinavest.com
China Sky One Medical Inc.
CONTACT: Mr. Alvin Pan of Sinavest Corporate Relations, +1-213-225-6226
Web site: http://www.sinavest.com/
