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» 23/07/2009 [Company watch]
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China Sky One Medical,Inc. »14/07/2009 [Company watch]
China Sky One Medical, Inc. Obtains Renewal of GMP Certificate

The company today announced that its Peng Lai Jin Chuang Pharmaceutical Company subsidiary obtained a renewal of its Good Manufacturing Practices Certificate for Pharmaceutical Products (GMP)

 
China Sky One Medical, a leading fully integrated pharmaceutical company producing over-the-counter drugs in China, today announced that its Peng Lai Jin Chuang Pharmaceutical Company subsidiary obtained a renewal of its Good Manufacturing Practices Certificate for Pharmaceutical Products (GMP) 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 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 revenues. We are happy to obtain a renewal of Jin Chuang 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.

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