Richardson & Patel Represents Skystar Bio Pharmaceutical in $20 Million Raise
LOS ANGELES--(Business Wire)--
Richardson & Patel, LLP today announced that it closed a $20 million registered
offering for NASDAQ company Skystar Bio Pharmaceutical (NASDAQ: SKBI), a
China-based developer and distributor of veterinary healthcare and medical care
products.
"Over the last 9 months we`ve endured the worst climate for raising capital in
many years," said Richardson & Patel Partner and Director of the firm`s Asian
Practice Group, Kevin Leung. "We represent a long list of thriving China-based
companies looking to US investors for capital, some of which have been trying
for the past 9 months to close their financing transactions. We are hopeful that
the closing of this financing signals a shifting tide in capital markets and an
increasing appetite by US investors for China-based deals," added Mr. Leung.
"Richardson & Patel has been our U.S. securities counsel for over 3 years and
has tirelessly served and looked out for our best interest. Approximately a year
ago we asked them to assist us with a public offering and listing on a senior
exchange and they introduced us to several potential underwriters," said Mr.
Weibing Lu, Chairman of Skystar. "When the market collapsed in September 2008,
Richardson & Patel took an active role in introducing us to a new underwriter,
Rodman & Renshaw, when many law firms would have just let the offering fail,"
added Mr. Lu. "They just refused to let the deal die," Mr. Lu continued. "The
financing market has been slow to recover and it was Richardson & Patel`s
commitment to our company that helped us secure a larger financing round at
better valuations than originally contemplated in the most difficult financing
market seen in years," claimed Mr. Lu.
About Richardson & Patel, LLP
The law firm of Richardson & Patel, with offices in Los Angeles and New York,
focuses on business reorganization & bankruptcy law, corporate & securities law,
mergers & acquisitions, corporate finance, and business, securities & employment
litigation.Richardson & Patel`s entrepreneurial spirit and competitive strength
lies in its ability to blend its understanding of capital markets with its grasp
for complex legal issues.As a valued business partner to numerous emerging
growth clients, Richardson & Patel has mastered the art of business and the
science of law to deliver Business Minds for Legal Matters.
Richardson & Patel, LLP
Douglas Gold, 310-208-1182
dgold@richardsonpatel.com
Copyright Business Wire 2009
