Chongqing Huapont to Raise $146 Million in Private Placement

March 26, 2012 -- Chongqing Huapont Pharmaceutical announced it will raise 920 million RMB ($146 million) in a private placement. The company said it will spend the proceeds on four projects: 300 million RMB ($47.5 million) on a new R&D center; 280 million RMB ($44.3 million) to increase production capacity; 210 million RMB on a topical formulation facility ($33.3 million), leaving 120 million ($19 million) for general corporate use. The company will issue 25 million shares at 32.99 RMB each. More details....

Stock Symbol: (SHE: 002004)