China Sky One Receives Approval for Two New Drugs

China Sky One Medical, Inc. (CSKI.OB) was granted SFDA approval for two new drugs: Oxymetazoline Hydrochloride Nasal Drops and Taurine Eye Drops.

Oxymetazoline Hydrochloride Nasal Drops are indicated for the treatment of acute and chronic rhinitis, sinusitis and allergic rhinitis. Taurine Eye Drops are approved for the treatment of acute and chronic conjunctivitis. Both rhinitis and conjunctivitis are common in China, especially in colder regions.

With the new products, China Sky One now has a portfolio of 98 drugs overall and 49 products that are administered externally. In addition, the company will have submitted a total of 37 additional new drugs to the SFDA by the end of 2008.

Because of its distribution network, which China Sky One says is more extensive than the companies that make competitors to the new products, China Sky One expects its new products to quickly capture at least 10% of their respective markets. The company did not make specific revenue predictions.

Recently, China Sky One reported first quarter revenues 140% higher than the year-earlier quarter.

Disclosure: none.