Attached files
| file | filename |
|---|---|
| 8-K - RADIENT PHARMACEUTICALS Corp | v209905_8k.htm |
| EX-10.1 - RADIENT PHARMACEUTICALS Corp | v209905_ex10-1.htm |
 |
RPC
Contact:
Kristine
Szarkowitz
Director-Investor
Relations
kszarkowitz@radient-pharma.com
(Tel
:) 206.310.5323
|
RADIENT
PHARMACEUTICALS’ DECONSOLIDATED SUBSIDIARY JADE PHARMACEUTICALS
INC. CLOSES $900,000 BRIDGE FINANCING
The
financing will be used to underwrite legal and accounting expenses associated
with the previously announced anticipated merger of JPI and Shanxi BaoTai
Pharmaceutical Co., Ltd. (BaoTai) ¾ a privately-owned
pharmaceutical manufacturing company located in Taiyuan, China.
According
to Douglas MacLellan, Chairman and CEO of RPC, “This bridge financing is an
important part of our overall financing strategy that will allow us to move
ahead with our planned merger with BaoTai, after which, we hope to list public
shares of the newly formed organization on a public exchange. Our
primary focus is to exploit the core competencies of JPI and BaoTai to
ultimately build a high-growth business that delivers novel cancer-centric
pharmaceutical products to global, in-demand markets.“
JPI is
the second leading provider of Domperidone™ ¾ an antiemetic
pharmaceutical product used to prevent nausea and vomiting caused by
chemotherapy treatment and/or other medications given to patients. Annual
Domperidone sales in China are estimated to be $250 million at the patient
level, and approximately $125 million at the wholesale level, with
an annual growth rate of 15%. We believe the combined companies will be in
a strong position to gain at least 50% of the Chinese Domperidone market
within the next 3 years. In addition, both companies have a solid product
pipeline that should enable them to introduce a minimum of five additional
cancer‐centric products to market each of which has the potential
to generate $50 million in gross revenues by FY2015.
RPC owns approximately 98% of JPI,
which is a China‐based pharmaceutical company engaged
in the manufacture and
distribution of generic and homeopathic pharmaceutical products. JPI
operates a wholly‐owned Chinese subsidiary Jiangxi
Jiezhong Bio‐Chemical
Pharmacy Company Limited
(JJB). For additional information on Radient
Pharmaceuticals, AMDL
Diagnostics Inc., JPI and its portfolio of products visit
the Company’s corporate website at www.Radient‐Pharma.com. For Investor Relations
information contact
Kristine Szarkowitz at IR@Radient‐Pharma.com or
1.206.310.5323.
About Radient
Pharmaceuticals:
Forward-Looking
Statements:
Safe
Harbor Statement under the Private Securities Litigation Reform Act of 1995: The
statements contained in this document include certain predictions and
projections that may be considered forward-looking statements under securities
law. These statements involve a number of important risks and uncertainties that
could cause actual results to differ materially including, but not limited to,
the performance of joint venture partners, as well as other economic,
competitive and technological factors involving the Company’s operations,
markets, services, products, and prices. With respect to Radient Pharmaceuticals
Corporation, except for the historical information contained herein, the matters
discussed in this document are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially from those in
such forward-looking statements.
###