Beijing Med-Pharm Corp. Raises Approximately $32.6 Million in Registered Direct Offering

PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Beijing Med-Pharm Corporation (Nasdaq:BJGP) announced today that it has entered into agreements with certain institutional and individual accredited investors to sell 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 is $9.395 per unit for aggregate proceeds of approximately $32.6 million. After expenses and cash fees to the placement agent Beijing Med-Pharm expects to receive net proceeds of approximately $30.6 million. The closing of the financing is expected to occur on or about August 22, 2007. Philadelphia Brokerage Corporation acted as the sole placement agent and will receive 60,896 shares of our common stock as partial payment for its fee with respect to the offering.