Each investment unit consists of a share of common stock, two series of common stock purchase warrants to purchase 0.5 share of common stock respectively. The offering of $1.45 million of investment units was purchased by a director, Cheung Anthony.
The company will receive total proceeds of $ 1.45 million. Approximately, $120,000 was paid at closing, and the balance of $1.33 million will be paid in 10 equal amounts in monthly installments until May 31, 2009. The proceeds will be used for general working capital purpose and to fund our vaccine development activities in China.
Liang Qiao, chairman and CEO of Bio-Bridge, said: “We expect that these funds will assist us in both our core business of vaccine development and in plans for our acquisitions/joint ventures. We are optimistic that our continuous hard work will begin to demonstrate results.”