China Pharma Holdings raises $10M

Hainan-based China Pharma Holdings, which develops, manufactures, and markets generic and branded bio-pharmaceutical products in China, has entered into a securities purchase agreement and a registration rights accord with institutional and accredited investors pursuant to which the firm will issue and sell five million shares of its common stock at a purchase price of $2.00 per share. Investors will also receive three-year warrants to buy an aggregate of 1.25 million shares at an exercise price of $2.80 each, subject to adjustment.

The net proceeds of the offering are expected to be applied to development of new drugs in pipeline, expansion product line and general working capital, says the company.