|China Sky One acquires 13 medical product licenses, shares rally|
|By Phil Cheng - Proactiveinvestors.com|
|Friday, 08 April 2011 03:38|
Shares of China Sky One Medical (NASDAQ:CSKI) were up more than 10% on Thursday after the Chinese pharmaceutical company said it has acquired thirteen production licenses from the Heilongjiang Food and Drug Administration.
The production licenses cover a range of medical products including an eye patch, mouthwash, and a product that stops snoring.
"We are pleased to obtain production licenses for these exciting new products, which as a group we believe will contribute materially to China Sky One's revenue and net income in 2012," said China Sky One’s CEO, Yan-Qing Liu.
The company said it expects to be able to sell the products easily as they fit well with its existing production facilities and sales network.
China Sky One is preparing for trial production, and expects to bring the products to market as soon as the fourth quarter. As of 3:29 pm EST on Thursday, the company’s shares were up by 24 cents to trade at $3.36.
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