NANPING, China, March 25, 2020 /PRNewswire/ -- Happiness Biotech
Group Limited (the "Company" or Nasdaq: HAPP), an innovative
China-based nutraceutical and
dietary supplements producer, announced today that the Company,
together with Fuzhou University,
have achieved a breakthrough in developing Covid-19 Testing
Kits.
Currently, the main Covid-19 detection method is nucleic acid
detection. The average detection takes 5-6 hours, while the
misdetection rate is high and the cost is high. In the past two
months, the Company has been dedicated to developing a more
efficient and affordable testing kit for Covid-19 through its
biochemical laboratory that the Company jointly established with
School of Bioscience and Engineering, Fuzhou University.
The Company made a breakthrough and successfully developed the
colloidal gold testing kit by adopting the antibody detection
method. The colloidal gold testing kits innovatively use multiple
target tests combined with IgM / IgG tests, which greatly improve
the detection sensitivity. The detection rate of IgM antibody in
clinical patients is more than 70%, and that of IgG antibody in
convalescent patients is more than 90%. The testing kits not only
greatly improve the success rate of detection, but also greatly
shorten the detection time to 10-15 minutes, while the cost is
relatively low compared to the nucleic acid detection.
"We are ready to submit the CFDA certification application next
week, and we expect to receive the approval soon since the CFDA has
granted emergency approval mechanism for Covid-19 Testing Kits. We
also plan to apply for CE certification in Europe and FDA certification in the United States. We are very grateful to the
experts of Fuzhou University and
the staff of our biochemical laboratory for their hard work. At
present, the company has begun to transform the production workshop
to prepare for mass production. We believe that through the efforts
of companies like us, people all over the world will be able to use
more efficient and affordable Covid-19 testing kits in the near
future." Mr. Xuezhu Wang, CEO of the
Company, proudly stated.
About Fuzhou
University
As one of the national key universities listed in "Project 211",
Fuzhou University was co-sponsored
by the Fujian Government and the Ministry of Education of PRC.
Founded in 1958, Fuzhou University
is comprised of 19 schools and colleges focusing on full-time
undergraduate and graduate education, as well as 1 affiliated
college. FZU now has 1 national key discipline, 1 national
(nurturing) discipline, 5 provincial outstanding discipline
innovation platforms, 6 provincial distinctive key disciplines, and
26 provincial key disciplines. It now has its disciplines of
chemistry, engineering and materials science listed in the global
top 1% on the Thomson Reuters' Essential Science Indicators (ESI)
ranking. It offers 11 post-doctoral research stations, 10 doctoral
degree programs in first-level disciplines, 3 in second-level
disciplines (not including first-level disciplines); 36 master's
degree programs in first-level disciplines, 7 in second-level
disciplines (not including first-level disciplines);
degree-awarding powers for 12 professional degrees (with Master of
Engineering in 23 engineering branches); 78 undergraduate
majors.
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited is an
innovative China-based
nutraceutical and dietary supplements producer focused on the
research, development, manufacturing and marketing of a variety of
products made from Chinese herbal extracts and other ingredients.
The Company's goal is to provide high-quality products to our
consumers. Over the past 14 years, the Company has established a
product portfolio consisting of 32 CFDA registered "Blue-Cap" SKUs
of nutraceutical and dietary supplements products. For more
information, please visit: www.happ.org.cn.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the Securities
and Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
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SOURCE Happiness Biotech Group Limited