HARBIN, China, March 18 /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 Antroquinonol (Hocena) capsule, a new anti-cancer drug co-developed by Taiwan Golden Biotechnology Corporation ("Golden Biotech") was recognized as Breakthrough Drug by the Chinese Ministry of Science and Technology.
In order to promote innovation within the Chinese pharmaceutical industry, the Chinese Ministry of Science and Technology (MoST) and Chinese Ministry of Health (MoH) launched a project to support the research and development of breakthrough drugs which are used to treat cancer, AIDS, and cardio- and cerebro-vascular diseases. The government will not only accelerate the processing of new drug applications but also provide financial and technical support for these breakthrough drugs.
"We are honored to receive this recognition and we appreciate the government's support for our R&D efforts, which reinforces our commitment to expand our drug portfolio and develop high-value drugs. The Antroquinonol capsule is the first drug to be recognized as Breakthrough Drug in the Heilongjiang Province. We anticipate its research progress and new drug application procedures will be greatly shortened. We look forward to receiving the approval to enter into clinical trial within one year and we hope to receive SFDA final approval for production within three years," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical.
In May 2009, the Company signed an agreement with Taiwan Golden Biotechnology Corporation to begin cooperating on the development of Antroquinonol, which 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. Antroquinonol has been approved by the U.S. FDA to enter into first stage clinical trial.
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 expectations of the effect of government support and the R&D progress 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.
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|SOURCE China Sky One Medical, Inc.|
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