HARBIN, China, Oct. 26 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (NASDAQ: CSKI), a leading fully integrated pharmaceutical company in the People's Republic of China ("PRC"), today announced that it has submitted, jointly with Heilongjiang Traditional Chinese Medical University ("HTCMU"), an application to China's State Food and Drug Administration ("SFDA") for production licenses for 15 new medical products. These products include Vaginal Suppository, Anti-virus Mouth Wash, Eye Patch, Diabetes Relief Patch, Snore Stopper, Rheumatoid Pain Relief Patch, Liver Patch, Ear Patch, Cicatrice Patch, Sore Relief Patch, Dental Ulcer Membrane, Dental Ulcer Mouth Wash, Nose Patch, Period Pain Relief Patch, and Wound Healing Patch. Management expects to receive final approval of these production licenses by the end of this year.
In China, research institutions can't apply for production licenses directly, but must choose a pharmaceutical manufacturer to whom product intellectual property is transferred and in the name of whom the application is submitted. Pursuant to the intent agreement between China Sky One Medical and HTCMU, the transfer price will be at least 20% lower than the appraisal made by an independent appraisal company. These new products will be manufactured at Harbin Tian Di Ren Medical Science and Technology Company, the Company's wholly owned subsidiary in China.
"We are happy to purchase an exciting group of new products and look forward to their contribution to our revenue and earnings in 2011," commented Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "As these external-use medical products are a good match with our existing production facilities and sales network, we expect to manufacture and sell them efficiently without much extra effort. Going forward, we will strengthen our partnership with research institutions such as HTCMU to leverage their R&D capabilities to make our product portfolio richer and more profitable."
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 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.cski.com.cn.
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 the Company's purchase plan of the above mentioned 15 new medical products and its application for production licenses. 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.
SOURCE China Sky One Medical, Inc.