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news.China Pharma Holdings has closed its recently announced financing, issuing five million shares of common stock at a purchase price of $2 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.
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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.
Zhilin Li, president and CEO of China Pharma, said: “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.”