8/8/2007 1:35:58 PM
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--AXM Pharma (OTC: AXMP) announced today that it has entered into an agreement with Beida Wei Ming Bioproduct Co., Ltd. (“Beida Wei”) under which Beida Wei will invest $2.65 million in the Company through a convertible debt financing. The Company received the first $200,000 tranche, and will receive additional payments upon achieving certain milestones. The funding is convertible into common stock at the investor’s election at $1.25 per share. Proceeds from the financing will be used to invest in production and product development, and for general corporate purposes. Beida Wei is a subsidiary of Beida Wei Ming Bio-Engineering Group Inc. Yuyuan Holding Company, is one of the major shareholders of Beida Wei Ming, which is a Shenzhen Stock Exchange (SSE 000408) listed company.
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