On October 28, 2008, China Sky One Medical reached a purchase agreement for a proprietary breast drug from Harbin Medical University for approximately $1.46 million. The Company collaborated with Harbin Medical University to develop the drug, which is intended to treat lobular hyperplasia in women, a type of mastitis that may lead to breast cancer. First phase clinical trials have been completed, and the drug has been shown to be 100% effective, with an 89% curability rate. Following the completion of additional clinical trials, the Company expects to obtain production approval for the drug from the SFDA in two to three years after the purchase is complete.
On October 30, 2008, the China Sky One Medical announced that it obtained production approval from the SFDA in China for two of its newly developed drugs, sodium ferulate by injection and doxofylline by injection. Sodium ferulate by injection is intended for the treatment of cardiovascular disease. Doxofylline by injection is intended for the treatment of asthma and bronchitis.
"Despite the recent turmoil in the global economy, China Sky One continues to experience very strong demand for our pharmaceutical products. We have a rich pipeline of new products that are in the process of seeking SFDA approval, including external use TCM products, drugs for injection, diagnostic kits and biological pharmaceutical products. In addition, our very strong balance sheet and cash flows provide the flexibility to pursue additional acquisitions that can further strengthen our market position," said Mr. Yan-Qing Liu. "As a result of the synergies we will realize from our strategic acquisitions, and by focusing on developing high-quality products and expanding our sales and marketing efforts globally, we expect to see a significant increase in our top- and bottom-line performance in 2009 and beyond."
As a result of both strong organic
|SOURCE China Sky One Medical, Inc.|
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