Beijing Med-Pharm Corp. Closes On $32.6 Million in Registered Direct Offering

PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Beijing Med-Pharm Corporation (Nasdaq:BJGP) announced today that it closed on the financing it announced on August 21, 2007. Beijing Med-Pharm has executed agreements with certain institutional and individual accredited investors and has sold an aggregate of 3,470,557 units consisting of one share of our common stock and warrants to purchase two-tenths of a share of our common stock at an exercise price of $9.37 per share. The purchase price for each unit was $9.395 per unit for aggregate proceeds of approximately $32.6 million. After expenses and cash fees to the placement agent Beijing Med-Pharm received net proceeds of approximately $30.6 million. Philadelphia Brokerage Corporation acted as the sole placement agent and received 60,896 shares of our common stock as partial payment for its fee with respect to the offering.