AlphaRx, Inc. Announces $2 Million In Equity Financing.Business Editors and Health/Medical Writers BIOWIRE2K RICHMOND HILL Richmond Hill may refer to: Places:
AlphaRx Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AHRX) announced today the private placement of $2 million equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. with international accredited investors. The private placement consists of 5.0 million shares of newly issued common stock, priced at $0.40 per share, which is based on a discount to a five-day averaged market price. Proceeds from this financing will be used to fund research and development activities - in particular, to commence Phase 1 human clinical trials of its topical NSAID NSAID: see nonsteroidal anti-inflammatory drug. pain management products and to accelerate the clinical research and development of the Company's immunomodulators for central nervous system (CNS See Continuous net settlement. CNS See continuous net settlement (CNS). ) and other inflammation-related indications. "We are delighted by the enthusiastic support of our Company from these international investors. This financing strengthens AlphaRx significantly, as it will provide us with the resources to continue the execution of our business plan, to fulfill our deployment expectations and to bring AlphaRx one step closer to achieving a Nasdaq Small Cap listing," said Mr. Michael Lee, President of AlphaRx. The securities have not been registered under the Securities Act of 1933, as amended, and, unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended. About AlphaRx AlphaRx Inc. is a leading drug delivery company that develops and markets innovative therapeutic products based on its proprietary Bioadhesive Colloidal colloidal of the nature of a colloid. colloidal bath a bath containing gelatin, bran, starch or similar substances, to relieve skin irritation and pruritus. Dispersion drug delivery systems. For more information, please visit our website at www.AlphaRx.com FORWARD LOOKING STATEMENTS: This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company. |
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