XIANYANG, China, Oct. 18, 2016
XIANYANG, China, Oct. 18, 2016 /PRNewswire/ -- Biostar Pharmaceuticals, Inc. (NASDAQ:BSPM) ("Biostar"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China, announced today that it completed the sale of 425,000 shares of common stock at the price of $4.50 per share, and warrants to purchase 212,500 shares of common stock to institutional investors for gross proceeds of approximately $1.91 million. The warrants will be exercisable six months and one day from the date of the closing of the offering at an exercise price of $5.55 per share and expire 3 1/2 years from the date of issuance.
FT Global Capital, Inc. acted as the exclusive placement agent for the offering. Biostar plans to use the net proceeds of this offering for working capital and general corporate purposes.
A shelf registration statement (File No. 333-192963) relating to the offering has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A prospectus supplement relating to the offering has been filed by Biostar with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC's website at http://www.sec.gov, or from request at Biostar from No. 588 Shiji Avenue Xianyang City, Shaanxi Province, People's Republic of China 712046.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Biostar in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc. develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. For more information contact: Biostar Pharmaceuticals, Inc.; Tel: +86-29-3368-6638; Email: email@example.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ materially from the Company's expectations. Factors that could cause actual results to differ materially from those stated or implied by the Company's forward-looking statements are disclosed in its filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the time of this release. The Company disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
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SOURCE Biostar Pharmaceuticals, Inc.