First China Pharmaceutical Group, Inc. (OTC:FCPG) today announced, in a press release, that a $3,000,000 capital financing is well under way with $2.7 million recently closed. As I write, shares of First China are up 13 percent at $1.37 per share on volume of 57,000 shares compared to its average daily volume of 660,000 shares. The company has a market cap of $78 million and a 52-week range between $0.80 and $5.90 per share.The current financing comes on the heels of a previous $500,000 raise bringing the total funding to $3.5 million. The latest capital raise is exclusively led by Mark I. Lev of Wellfleet Partners, Inc. a New York based investment and merchant banking firm. The raise includes three lead institutional investors including Cedarview Capital and it is anticipated that the balance of the financing will be completed by month end.
According to the press release, the capital proceeds are slated to expand sales and customer relationship teams as well as to significantly increase product lines to over 25,000 items. The funding will also enable the company to strengthen its finance department in anticipation of significant growth for fiscal 2011.
The acquisition of Guangdong based pharmaceutical distributor, Shenzhen Ming He Tang, remains a top priority for the company with high level discussions planned for the near future
For more information, please go to www.wellfleetpartners.com.
For more information visit: www.firstchinapharma.com.
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