Beijing Med-Pharm completes private placement of senior promissory notes

The offering, which raised gross proceeds of $23.1 million, includes warrants with a five-year term to purchase an aggregate of 575,000 shares of common stock of the company, and warrants with an 18-month term to purchase an aggregate of 462,580 shares of common stock of the company.

The net proceeds from the offering were approximately $21.9 million, which Beijing Med-Pharm will utilize in the Guangzhou Pharmaceutical acquisition, as well as for certain interest payments and the acquisition of rights to sell certain drugs in China.

Philadelphia Brokerage acted as the sole placement agent in this transaction.