HARBIN, China, May 21 /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 signed an agreement with Taiwan Golden Biotechnology Corporation to begin cooperating on the development of a new anti-cancer drug called Antroquinonol.
Golden Biotechnology Corporation specializes in the development of new bio-medicines based on its research in the fields of modern biotechnology and molecular medicine. Antroquinonol is a kind of compound extracted from Antrodia Cinnamomea Chang & Chou, a rare medicinal fungus that grows naturally inside the Cinnamonum kanehirae tree trunk, a native tree species of Taiwan. It can be used in the treatment of liver cancer and lung cancer.
The so called "King of Medical Fungi" and "Ruby of Taiwan's Forest," Antrodia Cinnamomea Chang & Chou has been widely used by the Taiwanese since it can eliminate toxins, protect the liver, improve the immune system, fight allergies, and reduce blood fat. Golden Biotechnology Corporation's research department accidentally discovered Antroquinonol when it was studying the efficacy of the extract from Antrodia Cinnamomea Chang & Chou. In further study, Antroquinonol has been proven to restrain the growth and reproduction of cancer cells, thought the existing extracts take effect slowly due to low concentration of Antroquinonol. Through sophisticated extraction techniques, Golden Biotechnology Corporation acquired pure Antroquinonol, which has been granted patents in 60 countries. Pre-clinical research on Antroquinonol has been completed in the United Kingdom and in the United States the compound has been approved by the U.S. FDA to enter into first stage clinical trial.
Under the cooperation agreement between the two companies, China Sky One Medical will be Golden Biotechnology Corporation's exclusive partner in the new drug application process and the exclusive sales agent in Mainland China. The two parties also signed a letter of intent to jointly develop new drugs and globally expand their sale.
The management expects to receive SFDA approval within three years as the medicinal theoretical research has been completed already. The expenditure for new drug application including clinical study will be around $10 million.
"We are excited to participate in this project, which we believe has a very bright future, especially since it is rare to find a compound that can fight cancer without any side effects," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "We believe China Sky One will experience very strong growth once this project is successful."
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.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 the cooperative development project of new drugs. 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.
For more information, please contact: Company Contact: China Sky One Medical, Inc. Mr. Stanley Hao, CFO Tel: +86-0451-53994069 Email: email@example.com Investor Relations Contact: CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 Email: firstname.lastname@example.org Web: http://www.ccgirasia.com
|SOURCE China Sky One Medical, Inc.|
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