Navigation Links
China Sky One Medical Confirms Continued Sale of Seven of Eight Products on the Ministry of Health's Warning List
Date:2/23/2010

HARBIN, China, Feb. 23 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), today provided an update on the status of its eight products which were included in the No. 17 official announcement from the Ministry of Health of 2009 ("the Warning List").

In 2009, eight products manufactured by China Sky One Medical's main operating subsidiary, Harbin Tian Di Ren Medical Science and Technology Company ("TDR") were included on the Warning List due to product descriptions that may have been misleading to consumers. From the descriptions on the packaging it was unclear that the eight products, sold under the "Kangxi" brand, which included Coryza spray, Tinea Pedis spray, Tinea Pedis powder, two Gynecopathy Cleaning spray (For Men and Normal), Yelaixiang deoderant spray, Chufeng Tongluo spray and Yin Ke cream, were all registered in the PRC as "Disinfectant Products" rather than "Drugs." In the PRC, "Disinfectant Products" are a special category of medicinal products which are used to treat external skin diseases, known as dermatosis, and are sold over the counter.

The Company ceased the production of the Yelaixiang deodorant spray (30ml/box) as of January 1, 2009, due to low sales volume. After the Warning List was publicized, the Company immediately consulted with the Bureau of Health ("Bureau") in Heilongjiang Province, where TDR is located. Based on guidance from the Bureau, the Company immediately revised product descriptions on the packages of the remaining seven products, which were then approved by the Bureau for continued commercial sales. There were no product recalls or disruption to manufacturing of these products as the revisions were only related to packaging and not the quality of the products. As a result, the revision of the packaging descriptions did not have a material impact on the Company's business in 2009. These seven drugs accounted for 4.5% of the Company's total revenues in 2009. However, with growth in certain of the Company's other products, these seven "Disinfectant Products" are expected to represent a lower percentage of the Company's total sales going forward.

"With about 30,000 disinfectant products in China, there is an overabundance of supply in this market. We believe that more stringent government regulation to clarify the difference between 'Disinfectant Product' and 'Drug' in the PRC will be beneficial to our Company because it may increase demand for China Sky One Medical's competing anti-infective 'Drug' products included in our rich product portfolio," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "Among the 91 products that we sell, 30 are included in the 2009 Edition of the National Basic Medical Insurance, Industrial Injury Insurance and Maternity Insurance Medicine Directory and 17 are included in the National Basic Medicine Catalog. As one of few manufacturers who produce and supply anti-infective 'Drug' products in China, we believe the Company is competitively positioned in a well regulated market."

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 the sales forecast. 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:   +86-451-8703-2617
     Email: stanleyhao@cski.com.cn

    Investor Relations Contact:

    CCG Investor Relations
     Ms. Lei Huang, Account Manager
     Tel:     +1-646-833-3417
     Email:   lei.huang@ccgir.com
     Website: http://www.ccgirasia.com

     Ms. Mabel Zhang, Vice President
     Tel:   +1-310-954-1353
     Email: mabel.zhang@ccgir.com

SOURCE China Sky One Medical, Inc.

Back to top

RELATED LINKS
http://www.cski.com.cn

'/>"/>

SOURCE China Sky One Medical, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. China-Biotics, Inc. Reports Third Quarter Fiscal 2010 Financial Results
2. China Medical Technologies to Participate Investor Conferences in March 2010
3. China Biologic Products Responds to Allegations on Financial Websites
4. China Yongxin Pharmaceuticals Plans to Open Eighteen New Stores in 2010 to Further Expand Customer Base and Increase Market Share
5. China YCT International Group, Inc. Announces That the State Intellectual Property Office of the Peoples Republic of China has Approved a Patent to its Operating Subsidiary, Shandong Spring Pharmaceutical Co. Ltd.
6. China Yongxin Pharmaceuticals Opened Three New Stores in 2009 and Expanded Customer Base
7. China Yongxin Pharmaceuticals Projects Higher Net Income and EPS on Reduced Revenue for Full-Year 2009
8. China Cord Blood Corporation Announces Partial Exercise of Over-Allotment Option
9. Sinovacs CEO Weidong Yin Presented with Annual Innovation Award by China Central Television
10. American Oriental Bioengineering Announces the Inclusion of 158 Drugs in Chinas National Insurance Catalog
11. China Sky Medical, Inc. Has 30 Medicines that will Be Included in Chinas National Insurance Directory
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... ... June 23, 2016 , ... UAS ... the launch of their brand, UP4™ Probiotics, into Target stores nationwide. The company, ... proud to add Target to its list of well-respected retailers. This list includes ...
(Date:6/23/2016)... 23, 2016 /PRNewswire/ - FACIT has announced the ... biotechnology company, Propellon Therapeutics Inc. ("Propellon" or ... of a portfolio of first-in-class WDR5 inhibitors for ... as WDR5 represent an exciting class of therapies, ... medicine for cancer patients. Substantial advances have been ...
(Date:6/23/2016)... , June 23, 2016 Houston ... with the Cy-Fair Sports Association to serve as ... the agreement, Houston Methodist Willowbrook will provide sponsorship ... and connectivity with association coaches, volunteers, athletes and ... with the Cy-Fair Sports Association and to bring ...
(Date:6/23/2016)... , June 23, 2016  The Prostate Cancer Foundation (PCF) ... precise treatments and faster cures for prostate cancer. Members of the Class of ... 15 countries. Read More About the Class of 2016 ... ... ...
Breaking Biology Technology:
(Date:6/21/2016)... 21, 2016 NuData Security announced today that ... of principal product architect and that Jon ... customer development. Both will report directly to ... moves reflect NuData,s strategic growth in its product ... customer demand and customer focus values. ...
(Date:6/9/2016)... Paris Police Prefecture and ... ensure the safety of people and operations in several locations ... Teleste, an international technology group specialised in broadband ... its video security solution will be utilised by ... across the country. The system roll-out is scheduled for the ...
(Date:6/2/2016)... Perimeter Surveillance & Detection Systems, Biometrics & ... & Other Service  The latest report from ... of the global Border Security market . Visiongain ... billion in 2016. Now: In November 2015 ... and hardware technologies for advanced video surveillance. ...
Breaking Biology News(10 mins):