JERSEY CITY, NJ / ACCESSWIRE / September 25, 2015 / AOXING PHARMACEUTICAL COMPANY, INC (NYSE MKT: AXN), ("AOXING" or the "Company"), today announced that it has entered into definitive agreements with institutional investors for a registered direct offering with gross proceeds of $3 million.
In connection with the offering, the Company will issue 2,352,941 shares of common stock at a price of $1.275 per share. In addition, for each share purchased by investors, the Company will issue to the investors warrants to purchase 0.75 share of common stock. The warrants will have an exercise price of $1.74 per share and will be exercisable six months following the issuance date and will expire five and one-half years from the issuance date. The offering is expected to close on or about September 29, 2015, subject to satisfaction of customary closing conditions.
The Company anticipates that the capital raised in this registered direct offering will be used to finance initial marketing of its new Tilidine Hydrocloride tablets.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent for the transaction.
The securities described above are being offered pursuant to a shelf registration statement (File No. 333-205148), which was declared effective by the United States Securities and Exchange Commission ("SEC") on July 1, 2015. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. When filed with the SEC, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov or from Rodman & Renshaw, a unit of H.C. Wainwright & Co., by e-mailing placements@hcwco.com.
About the Company
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China Food and Drug Administration ("CFDA"). For more information, please visit: www.aoxingpharma.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT:
Aoxing Pharmaceutical Company:
646-367-1747
investor.relations@aoxingpharma.com
SOURCE: Aoxing Pharmaceutical Company, Inc.
