Aoxing Pharmaceutical Company Announces $3.2 Million Financing
JERSEY CITY, N.J., Dec. 7, 2011 /PRNewswire/ -- Aoxing Pharmaceutical (NYSE Amex: AXN ) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, today announced that its operating subsidiary in China, Hebei Aoxing Pharmaceutical Group Company, has signed a three-way financing agreement with Shijiazhuang Construction Investment Group Co., Ltd and China Construction Bank.
Shijiazhuang Construction Investment Group, a city-government owned investment firm, has commissioned China Construction Bank to disburse a working capital term loan of RMB 20 mil (approximately $3.2 mil) to Hebei Aoxing Pharmaceutical Group. The loan matures in one year and carries an annual interest rate of 15%.
Zhenjiang Yue, Aoxing's Chairman and CEO, commented, "The loan reflects the regional government's support for local enterprise as well as confidence in the future prospects for Aoxing Pharma."
About Aoxing Pharmaceutical Company, Inc.
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 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 State Food and Drug Administration (SFDA). It has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. It also has strategic alliance partnerships with QRxPharma, and Phoenix PharmaLabs, Inc. For more