GRC on reverse takeover with Chinese Biopharma

China-based Shandong Missile Biologic Products Co has announced the closing of a reverse merger transaction with GRC Holdings and the closing of an equity placement by GRC and certain of its controlling stockholders, raising $8.1 million in aggregate gross proceeds. Shandong Biologic is a biopharmaceutical company principally engaged in the research, production and manufacturing of human plasma-based pharmaceutical products in the People's Republic of China. GRC is a publicly-held, non-operating company with headquarters in Argyle, Texas, USA, that is in the process of changing its name to China Biologic Products.

The reverse merger transaction involved a stock exchange with the stockholders of Logic Express Limited, a British Virgin Islands company, the 82.76% owner of Shandong Biologic. Upon closing of the exchange transaction, Logic Express became a wholly-owned subsidiary of GRC and the former shareholders of Logic Express acquired approximately 96% of GRC's issued and outstanding common stock immediately prior to the financing transaction.