Skystar Bio-Pharmaceutical Company, a leading bio-pharmaceutical company in China, announced that it raised gross proceeds of $4.075 million in a private transaction with several institutional and accredited investors. Skystar sold $4.075 million in aggregate principal amount of 8% convertible debentures and warrants to purchase 4,075,000 shares of the common stock of Skystar, with an initial exercise price of $1.20 per share. Pacific Ridge Capital, LLC acted as the placement agent for this transaction.

Skystar Bio-Pharmaceutical Company's Chairman and CEO, Mr. Weibing Lu, commented, "With the completion of this private placement, Skystar is ready to execute its strategy of sharply expanding its sales and marketing efforts.

With the Company largely free of long-term debt, we are able to use the proceeds from this latest transaction almost entirely for financing future growth on an already strong financial foundation."

Source:佚名