Beijing Med-Pharm Raises Approximately $32.6 Million in Registered Direct Offering.PLYMOUTH MEETING, Pa. -- Beijing Med-Pharm Corporation (Nasdaq:BJGP BJGP British Journal of General Practice ) announced today that it has entered into agreements with certain institutional and individual accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". to sell an aggregate of 3,470,557 units consisting of one share of our common stock and warrants to purchase two-tenths of a share of our common stock at an exercise price of $9.37 per share. The purchase price for each unit is $9.395 per unit for aggregate proceeds of approximately $32.6 million. After expenses and cash fees to the placement agent Beijing Med-Pharm expects to receive net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $30.6 million. The closing of the financing is expected to occur on or about August 22, 2007. Philadelphia Brokerage Corporation acted as the sole placement agent and will receive 60,896 shares of our common stock as partial payment for its fee with respect to the offering. "This financing enables Beijing Med-Pharm to advance our tactical operations and realize our strategic vision as a leading company offering a comprehensive, end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. to Western pharmaceutical companies seeking to enter the Chinese market while also expanding our own distribution of our products across China," said David Gao, President and Chief Executive Officer of Beijing Med-Pharm. "Included in these activities is an important strategic acquisition - a 49% minority interest in the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). manufacturer Sunstone sun·stone n. See aventurine. Noun 1. sunstone - a translucent quartz spangled with bits of mica or other minerals aventurine Pharmaceutical Co., Ltd. We look forward to achieving these key goals and delivering on our strategy." About Beijing Med-Pharm Corporation Beijing Med-Pharm is a pharmaceutical marketing and distribution company that is building a proprietary portfolio of branded pharmaceutical products in China and pursuing partnerships with other companies seeking to enter the Chinese pharmaceuticals market. Beijing Med-Pharm is the only U.S. public company to offer industry partners a comprehensive suite of market-entry services in China that includes pre-market entry analysis; clinical trial management; product registration; market research; pharmaceutical distribution to hospitals through a unique proprietary network; and pharmaceutical marketing to physicians, hospitals and other healthcare providers. For further information about Beijing Med-Pharm, please visit www.beijingmedpharm.com. Forward Looking Statements In addition to historical facts or statements of current condition, this press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of 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 Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding the expected gross proceeds to be received by Beijing Med-Pharm or the expected timing of the closing of the offering. Forward-looking statements provide Beijing Med-Pharm's current expectations or forecasts of future events. Actual results could differ materially from those reflected in these forward-looking statements due to the inability to satisfy closing conditions or the failure of the potential investors to close the transactions. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Beijing Med-Pharm undertakes no obligation to update publicly any forward-looking statement. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion