HARBIN, China, Nov. 13 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (“China Sky One Medical” or “the Company”) , a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People’s Republic of China (“PRC”), announced today that it successfully obtained the rights to nine new drugs under an agreement its subsidiary, Peng Lai Jin Chuang Company Pharmaceutical Company (“Jin Chuang”), signed with Shandong Medicine Research & Development Institute.
Under the terms of the agreement, China Sky One obtained all rights to nine new drugs in consideration for a cash payment of RMB 15 million (US $2.2 million; 1 RMB = $0.14 US dollars). Popular in the rural areas of China, the nine new drugs have passed all clinical trials required by the State Food and Drug Administration (SFDA) in China, and have also been approved by the SFDA for production and sale.
“We are very excited about these nine new drugs, which complement our product portfolio nicely. We estimate that revenue from them will reach USD $5.0 million in 2009,” said Mr. Yan-Qing Liu, Chairman, CEO and President of China Sky One Medical. “As part of our strategy, we will continue to look for opportunities to add suitable pharmaceuticals to our portfolio to enhance and expand our product line.”
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”), Harbin First Bio- Engineering Company Limited (“First”), Heilongjiang Tianlong Pharmaceutical, Inc. (“Tianlong”) and Peng Lai Jin Chuang Company Pharmaceutical Company (“Jin Chuang”) 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.
CONTACT: Company Contact: Mr. Yu-Bo Hao, Board Secretary of China Sky One
Medical, Inc., +86-0451-53994069, or china_sky_one@yahoo.cn; or Investor
Relations Contact: Mr. Crocker Coulson, President of CCG Investor
Relations, +1-646-213-1915,or crocker.coulson@ccgir.com
Web site: http://www.skyonemedical.com/
http://www.ccgirasia.com/
