Axm Pharma, Inc. Receives Initial Proceeds Of 10 Million RMB Loan From Shenyang Municipal Government
Published: Apr 28, 2006
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--April 28, 2006--AXM Pharma, Inc. (AMEX: AXJ - News), a manufacturer of proprietary and generic pharmaceutical and nutraceutical products for the Chinese and other Asian markets, announced today that it has received the first tranche of a 10 million RMB (equivalent to $1.25 million) loan without interest from the Shenyang Municipal Government. The Company received initial proceeds of $375,000, with the second and final tranche of $875,000 expected prior to the end of April. The proceeds are expected to be used to expand existing operations as well as for working capital and other general corporate purposes.