Rafarma Pharmaceuticals (OTC: RAFA) announces a $1.2 million private placement. A $1.2 million private placement has been closed with a share price of $0.65 per share. Proceeds from this private placement are being applied to company expansion and to reduce commercial debt.
Stated CEO Dave Anderson: "As Rafarma continues to develop new manufacturing partners, we anticipate that this private placement is just the beginning of a vibrant private financing market for the pharmaceutical sector. We are pleased with the investor enthusiasm for Rafarma’s potential."
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The securities were offered only to accredited investors.
ABOUT RAFARMA PHARMACEUTICALS, INC.:
Operating from a new 270,000 square-foot state-of-the-art manufacturing and distribution facility in Russia, Rafarma Pharmaceuticals produces generic antibiotics and specialty pharmaceuticals in addition to its own line of proprietary products that are approved by the Ministry of Health of Russian Federation. For the last three years, the Russian Government has been highly focused on bolstering the development of nation's domestic pharmaceutical industry. Rafarma Pharmaceuticals' mission is to work with the auspices of aggressive federal initiatives to fast-track the modernization of Russia's pharmaceutical industry.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate,", "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
SOURCE: Rafarma Pharmaceuticals, Inc.