Navigation Links
Weikang Bio-Technology Announces Completion of $5.0 Million Private Placement

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

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 ( 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:

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:
(Date:11/19/2015)... , Nov. 19, 2015  Based on its ... & Sullivan recognizes BIO-key with the 2015 Global Frost ... year, Frost & Sullivan presents this award to the ... catering to the needs of the market it serves. ... line meets and expands on customer base demands, the ...
(Date:11/18/2015)... York , November 18, 2015 ... Research has published a new market report titled  Gesture ... Trends, and Forecast, 2015 - 2021. According to the report, ... 2014 and is anticipated to reach US$29.1 bn by ... 2021. North America dominated ...
(Date:11/17/2015)... , Nov. 17, 2015  Vigilant Solutions announces ... joined its Board of Directors. --> ... after recently retiring from the partnership at TPG Capital, ... companies with over $140 Billion in revenue.  He founded ... across all the TPG companies, from 1997 to 2013.  ...
Breaking Biology News(10 mins):
(Date:11/24/2015)... Nov. 24, 2015 /CNW/ - iCo Therapeutics ("iCo" or ... financial results for the quarter ended September 30, ... Canadian dollars and presented under International Financial Reporting ... ," said Andrew Rae , President ... iCo-008 are not only value enriching for this ...
(Date:11/24/2015)... Nov. 24, 2015 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ: ... on behalf of the Toronto Stock Exchange, confirms that ... are no corporate developments that would cause the recent ... --> --> About Aeterna Zentaris Inc. ... --> Aeterna Zentaris is a specialty biopharmaceutical ...
(Date:11/24/2015)... ... ... This fall, global software solutions leader SAP and AdVenture Capital brought together dozens ... BIG ideas to improve health and wellness in their schools. , Now, the top ... of SAP's Teen Innovator, an all-expenses paid trip to Super Bowl 50, and an ...
(Date:11/24/2015)... New York , November 24, 2015 ... to a recent market research report released by Transparency ... projected to expand at a CAGR of 17.5% during ... "Non-invasive Prenatal Testing Market - Global Industry Analysis, Size, ... estimates the global non-invasive prenatal testing market to reach ...
Breaking Biology Technology: