HAIKOU CITY, China, May 30 /Xinhua-PRNewswire-FirstCall/ -- China Pharma Holdings, Inc. ("China Pharma" or "Company") (OTC Bulletin Board: CPHI) which develops, manufactures, and markets generic and branded bio-pharmaceutical products in China, today announced that on May 30, 2008 it closed its recently announced financing, issuing five million shares of common stock at a purchase price of $2.00 per share and three-year warrants to purchase an aggregate of 1.25 million shares of the Company's common stock at an exercise price of $2.80 per share.
Net proceeds from the offering of approximately $9.3 million are expected to be used for expansion of the Company's existing product line, sales and marketing, and general working capital purposes.
Ms. Li, President and CEO of China Pharma commented, "We are very pleased to have completed this financing. The new capital should enable us to continue our revenue and earnings momentum by executing on currently available opportunities. The net proceeds will be used for the increasing of production capacity, promoting sales, further expanding our distribution network, and developing new drugs which are in various stages of the SFDA approval process. Additionally, we are actively working on the preparation of upgrading to a national exchange listing. Submitting our application is a high priority and our goal is to achieve a listing during the second half of calendar 2008."
Roth Capital Partners, LLC served as the sole placement agent in connection with the private placement.
For more detailed information on the financing referred to in this release, reference is made to the Company's latest Report on Form 8-K and related exhibits thereto being filed with the Securities and Exchange Commission on the May 28, 2008.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. develops, manufactures, and markets generic
and brand bio-pharmaceutical products in China that treat a wide r
|SOURCE China Pharma Holdings, Inc.|
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