Beijing Med-Pharm Corporation Announces Closing of Private Placement
BEIJING, China and COVENTRY, CT - March 29, 2004 - Beijing Med-Pharm Corporation (OTC PK:BJGP) today announced that it has closed a private placement offering of 8,695,652 restricted common shares to accredited and institutional investors. The common shares were sold at a price of $1.15 per share for net proceeds of approximately $9,002,000. Philadelphia Brokerage Corporation acted as financial advisor and placement agent. Beijing Med-Pharm intends to use approximately half of the net proceeds for the acquisition of two pharmaceutical distribution businesses in the People's Republic of China, and the balance for general corporate and working capital purposes. However, the company can give no assurance that it will be able to complete the acquisition of either or both of the pharmaceutical distribution businesses.
David (Xiao Ying) Gao, President and Chief Executive Officer of Beijing Med-Pharm stated, "The issuance of these securities will allow Beijing Med-Pharm to introduce a number of new products in 2004 and also allow us to pursue a strategy of acquiring distribution businesses within Beijing and throughout China. The combination of these two actions should put us on the road to becoming a successful "end to end" solution, allowing foreign companies to team with us in offering pharmaceutical products that can reach ultimate consumers in China."
Beijing Med-Pharm Corporation is incorporated in Delaware and currently its sole operating subsidiary is Beijing Med-Pharm Market Calculating Co. Ltd. ("BMP China"), a wholly-owned foreign enterprise, organized under the laws of the People's Republic of China. BMP China offers a variety of services to multinational and domestic pharmaceutical companies, including pre-market entry analysis, clinical trial management, product registration, market research and physician-oriented drug marketing.
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Amphion Innovations plc
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About Beijing Med-Pharm
Beijing Med-Pharm is a U.S.-managed company offering an end-to-end solution to western pharmaceutical companies interested in selling their products into the Chinese marketplace. Our one-stop approach offers a single entity able to pre-register and register pharmaceuticals for sale in the People's Republic of China and supply sales, marketing, and distribution services for pharmaceutical products throughout the Chinese market.
On the web: www.beijingmedpharm.com
About Amphion Innovations plc
Amphion Innovations plc recently listed on the AIM Exchange in London under the symbol AMP.L. Amphion's business is the formation, financing, management, and development of life science and technology companies, working in partnership with corporations, governments, universities, and entrepreneurs seeking to commercialize their intellectual property.
On the web: www.amphionplc.com
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding the completion of the acquisition of Wanwei Corporation and Beijing Med-Pharm's expectations regarding the effect of the acquisition of Wanwei Corporation on Beijing Med-Pharm's business and its opportunities in the Chinese pharmaceutical market. Forward-looking statements provide Beijing Med-Pharm's current expectations or forecasts of future events. Beijing Med-Pharm's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries and the Chinese pharmaceutical market, and due to risks and uncertainties associated with these conditions, with completing the acquisition of Wanwei Corporation, with integrating the Wanwei business and with operating, financing and growing Beijing Med-Pharm's business. Given these risks and uncertainties, any or all of these forward- looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Beijing Med-Pharm undertakes no obligation to update publicly any forward-looking statement.