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China Pharma Holdings, Inc. Enters Into Private Placement Agreements to Raise $10 Million
Date:5/28/2008

HAIKOU CITY, Hainan, China, May 28 /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 it has entered into a Securities Purchase Agreement and a Registration Rights Agreement with institutional and accredited investors ("Investors") pursuant to which China Pharma shall issue and sell five million shares of the Company's common stock at a purchase price of $2.00 per share. The Investors shall also receive 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, subject to adjustment.

The net proceeds of the offering are expected to be applied to development of new drugs in pipeline, expansion product line and general working capital.

Ms. Li, President and CEO of China Pharma said, "We are very pleased to conduct this new financing with high quality institutional investors including several current shareholders. This round of financing will provide us with additional capital to help expedite the development of our new drugs and fund our future growth including the launch of several new drugs and further expansion of our distribution network. We are also quite pleased with the caliber of high quality institutional investors that participated in our private placement. The proceeds raised from our investors reflect continued confidence in our ability to carry out our strategic vision and maximize our shareholders value."

For more detailed information on the financing referred to in this release, reference is made to the Company's Current Report on Form 8-K and related exhibits thereto being filed with the Securities and Exchange Commission on the date hereof.

The common stock issued in the private placement and issuable upon exercise of the warrants have not been registere
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SOURCE China Pharma Holdings, Inc.
Copyright©2008 PR Newswire.
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