Beijing Med-Pharm Corp. (BJGP.PK) Completes Private Placement of Senior Secured Promissory Notes
11/5/2007 11:03:01 AM
PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Beijing Med-Pharm Corporation (NASDAQ:BJGP) (“Beijing Med-Pharm” or the “Company”), today announced that it has completed its previously announced private placement of 10% senior secured promissory notes due on May 1, 2009, to qualified institutional and accredited investors. 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 eighteen 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 previously announced Guangzhou Pharmaceutical Corporation acquisition, as well as for certain interest payments and the acquisition of rights to sell certain drugs in China.