Beijing Med-Pharm Corporation Raises $6.3 Million In Private Placement
Plymouth Meeting, PA, October 19, 2005 - Beijing Med-Pharm Corporation (BJGP.PK) today announced that it has completed a private placement of 4,199,981 shares of its common stock to a group of institutional and individual accredited investors, for gross proceeds to Beijing Med-Pharm of $6,300,000.
The investors also received five-year warrants to purchase an aggregate of 1,049,828 shares of common stock, half of which have an exercise price equal to $1.875 and the balance of which have an exercise price equal to $2.25. Beijing Med-Pharm expects to use the proceeds from the private placement to further expand its business in China and for additional working capital. Philadelphia Brokerage Corporation acted as placement agent.
"The strong investor interest we have seen underscores the progress we've made as we build upon our model," says Martyn D. Greenacre, Chairman of Beijing Med-Pharm.
"These additional funds will enable Beijing Med-Pharm to expand upon our acquisition and licensing strategy throughout China."
The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and were sold in a private placement pursuant to Regulation D of the Securities Act. The securities may not be offered or sold in the United States absent registration or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
The Company has agreed to file a registration statement covering the resale of the shares of common stock acquired by the investors and shares of common stock issuable upon exercise of the warrants acquired by the investors.
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Amphion Innovations plc
Josh Berkman, Media Relations
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About Beijing Med-Pharm
Beijing Med-Pharm Corporation is a pharmaceutical marketing company that offers the following services in China through its wholly-owned subsidiary, Beijing Med-Pharm Market Calculating Co. Ltd.: pre-market entry analysis; clinical trial management; product registration; market research; and pharmaceutical marketing to physicians, hospitals and other healthcare providers.
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