HARBIN, China, July 14 /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 announced that its Peng Lai Jin Chuang Pharmaceutical Company ("Jin Chuang") subsidiary obtained a renewal of its Good Manufacturing Practices Certificate for Pharmaceutical Products ("GMP Certificate") from the State Food and Drug Administration (SFDA) in China. The new certificate will be valid until June 2014.
According to the National Medicine Administration Law of the People's Republic of China, all pharmaceutical manufacturers must pass an examination every five years to renew their GMP Certificates. In June 2009, the examination committee visited Jin Chuang and conducted a review of its supply chain management practices, including quality control of raw materials, its manufacturing processes, and the inspection and acceptance of its finished products. Jin Chuang's seven product lines for tablets, capsules, granules, powders, mixtures, oral solutions and syrups all meet GMP standards.
On September 5, 2008, China Sky One Medical acquired all of Jin Chuang's assets, including franchise, production and operating rights for a portfolio of 20 medicines approved by the SFDA, for an aggregate purchase price of approximately $7.1 million, consisting of approximately $2.5 million in cash, and 381,606 shares of common stock. In the first quarter of 2009, the sales of Jin Chuang reached around $2.14 million, accounting for 8.6% of the Company's total revenues.
"We are happy to obtain a renewal of Jin Chuang's GMP Certificate," said Mr. Yan-qing Liu, Chairman and CEO of China Sky One Medical. "Production at Jin Chuang has been running very smoothly post acquisition, and we plan to introduce more new medicines from our Jin Chuang facility and to improve its productivity in order to achieve our healthy growth."
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 renewal of GMP Certificate. 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. Yu-Bo Hao, CFO Tel: +86-451-5399-4069 Email: firstname.lastname@example.org Investor Relations Contact: CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 Email: email@example.com Web: http://www.ccgirasia.com
|SOURCE China Sky One Medical, Inc.|
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