Navigation Links
Weikang Bio-Technology Announces Completion of $5.0 Million Private Placement
Date:2/16/2011

HARBIN, China, Feb. 1, 2011/PRNewswire-Asia-FirstCall/ -- Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board: WKBT) ("Weikang" or the "Company"), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People's Republic of China, today announced the completion of its private placement offering for aggregate gross proceeds of $5.0 million (the "WKBT Offering").  

A total of 520,831 units were sold in the WKBT Offering, with each unit comprised of (i) four shares of common stock, (ii) a three-year warrant to purchase one share of common stock at an exercise price of $3.60 per share (the "Series C Warrant"), and (iii) a three-year warrant to purchase one share of common stock at an exercise price of $4.80 per share (the "Series D Warrant"). In connection with the Offering, the Company issued a total of 2,083,324 shares of common stock, Series C Warrants to purchase up to 520,831 shares of common stock and Series D Warrants to purchase up to 520,831 shares of common stock.  

Hunter Wise Securities, LLC acted as the Company's lead placement agent in connection with the Offering.

"We are pleased to announce the successful completion of our private placement financing," said Mr. Yin Wang, Chairman and CEO of WKBT. "Weikang continues to advance as a U.S. publicly-traded company and now has a much more diversified shareholder base," said Chairman Wang. "The Offering will finance a media campaign utilizing print, radio and television to create further awareness of Weikang products in our markets."

The Offering proceeds from today's completion of the $5.0 million placement and the Company's first financing for $2.5 million in January 2010 will meet WKBT's external investment requirement under the November 2007 FIE business license granted by the Heilongjiang Office of the State Administration for Industry and Commerce ("SAIC") which in March 2010 was extended until November 2027. WKBT's wholly-owned subsidiary Sinary Bio-Technology Holdings Group, Inc. is the 100% owner of Heilongjiang Weikang's registered capital.

The securities offered in the private placement Offering have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws. The Company has agreed to file a registration statement covering the resale of the shares of common stock and shares of common stock issuable upon exercise of the Series C Warrants and the Series D Warrants issued in the private placement Offering.

About Weikang Bio-Technology Group Co., Inc.Weikang Bio-Technology Group Co., Inc. is principally engaged in developing, manufacturing and distributing Traditional Chinese Medicine (TCM), and health and nutritional supplements in China, in compliance with requisite Chinese licenses and approvals. The Company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang Pharmaceutical Co., Ltd.  For more information, please visit http://www.weikangbio.com.

Safe Harbor StatementCertain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.  These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.For more information, please contact: Investor Relations Contact:Paul Kuntz, Senior SpecialistRedChip Companies, Inc.Tel:   +1-800-733-2447, x0Email: info@redchip.comJing Zhang, Chief RepresentativeRedChip Companies Beijing OfficeTel:  +86-10-8591-0635Web: http://www.RedChip.comPlacement Agent Contact:Dan McClory, Managing DirectorHunter Wise Financial Group, LLCTel:  +1-949-732-4102Email: dmcclory@hunterwise.com
'/>"/>

SOURCE Weikang Bio-Technology Group Co., Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology news :

1. Weikang Bio-Technology Announces Completion of $5.0 Million Private Placement
2. MedNet Solutions Announces Significant Enhancements to ENLIGHTEN, Its Flagship EDC / eClinical Solution
3. BTER Foundation announces winners of the William S. Baer Award
4. MedNet Solutions Announces Significant Enhancements to ENLIGHTEN, Its Flagship EDC / eClinical Solution
5. Tufts announces public launch of the Tufts Institute for Biomedical Partnerships website/HUB
6. 23andMe sarcoma research community reaches 500 and announces Sarcoma Scientific Advisory Committee
7. Aware, Inc. Announces Q4 and FY2010 Earnings Conference Call
8. Academy of Science-St. Louis announces recipients of Outstanding St. Louis Scientist Awards
9. Aware Announces Appointment of New Directors
10. American Association of Anatomists announces young investigator award winners
11. Biophysical Society announces winners of 2011 Student Travel Awards
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/16/2017)... CeBIT 2017 - Against identity fraud with DERMALOG solutions "Made in ... ... combined in one project, multi-biometric solutions provide a crucial contribution against identity fraud. (PRNewsFoto/Dermalog Identification ... Used combined in one project, multi-biometric solutions provide a ... ...
(Date:3/7/2017)... March 7, 2017 Brandwatch , the leading social ... The Prince,s Trust to uncover insights to support its reporting, ... The UK,s leading youth charity will be using Brandwatch ... and get a better understanding of the topics and issues that ... ...
(Date:3/2/2017)... , March 2, 2017 Summary ... to better understand Merck KGaA and its partnering interests ... https://www.reportbuyer.com/product/3605601/ Description The Partnering Deals and ... the partnering activity of one of the world,s leading ... are prepared upon purchase to ensure inclusion of the ...
Breaking Biology News(10 mins):
(Date:3/24/2017)... Md. , March 24, 2017  Infectex Ltd., ... (MBVF), today announced positive results of a Phase 2b-3 ... therapy regimen in patients with multidrug-resistant pulmonary tuberculosis (MDR-TB). ... scientists at Sequella, Inc. ( USA ) ... A total of 140 patients were enrolled in ...
(Date:3/24/2017)... Mass. , March 24, 2017 Agenus ... of immune checkpoint antibodies and cancer vaccines, today announced ... The 7 th  Annual William Blair and Maidstone Life ... Space Alexandria Center in New York, NY ... March 29 at 9:40 am: Robert ...
(Date:3/23/2017)... , March 23, 2017  SeraCare ... to global in vitro diagnostics manufacturers and ... the industry,s first multiplexed Inherited Cancer ... testing by next-generation sequencing (NGS). The Seraseq™ ... developed with input from industry experts to ...
(Date:3/23/2017)... 23, 2017 NetworkNewsWire Editorial Coverage  ... Cancer remains ... strain on health care systems, in terms of costs and ... too does the development of innovative and efficient therapies that ... the many types of cancer treatments, a growing number of ...
Breaking Biology Technology: