Key Developments: Aoxing Pharmaceutical Company Inc (AXN)
0.22USD
24 May 2013
$0.00 (+0.00%)
$0.22
$0.22
$0.24
$0.22
28,351
10,514
$0.50
$0.18
Latest Key Developments (Source: Significant Developments)
Aoxing Pharmaceutical Company Inc Appoints BDO China Dahua As Independent Auditor
Aoxing Pharmaceutical Company Inc announced the appointment of BDO China Dahua as its independent auditor. The appointment of BDO China Dahua as independent registered accounting firm has been approved by the Audit Committee of Aoxing Pharma's Board of Directors. Paritz & Company, P.A. had served as independent auditor previously. Full Article
Aoxing Pharmaceutical Company, Inc.'s Subsidiary Announces $3.2 Million Financing
Aoxing Pharmaceutical Company, Inc. announced that its operating subsidiary in China, Hebei Aoxing Pharmaceutical Group Company, has signed a three-way financing agreement with Shijiazhuang Construction Investment Group Co., Ltd and China Construction Bank. Shijiazhuang Construction Investment Group, a city-government owned investment firm, has commissioned China Construction Bank to disburse a working capital term loan of RMB 20 million (approximately $3.2 million) to Hebei Aoxing Pharmaceutical Group. The loan matures in one year and carries an annual interest rate of 15%. Full Article
Aoxing Pharmaceutical Company, Inc. Announces Agreement On Note Conversion
Aoxing Pharmaceutical Company, Inc. announced that the Company and six note holders, including Chairman Mr. Zhenjiang Yue, have reached an agreement to convert certain outstanding notes and accrued interest thereon totaling 42,449,722.63 RMB (approximately USD6,567,199) into 2,432,296 shares of the Company's common stock at $2.70 per share. On June 24, 2011, the closing price for the Company's securities as reported on the NYSE Amex was $1.40 per share. The foreign currency exchange rate was based on the rate of 6.4639 RMB/USD, the middle price of foreign currency exchange rate published by the Bank of China on June 22, 2011. All notes had annual interest rate of 10%. One note was due on March 26, 2012, and the others on April 28, 2014. Upon closing of the debt conversion, the Company's obligations under the notes will be satisfied in full. Full Article
Aoxing Pharmaceutical Company Inc.'s Hebei Aoxing Pharmaceutical Group Company Announces Issuance of Chinese Patent for Midazolam Maleate Oral Film
Aoxing Pharmaceutical Company Inc. announced that its operating subsidiary in China, Hebei Aoxing Pharmaceutical Group Company, has been granted a patent by the State Intellectual Property Office of The People's Republic of China for midazolam maleate oral film. The Chinese patent, ZL2006.1.0075080.2, covers an oral film formulation of midazolam maleate that can be dissolved rapidly under the tongue. Midazolam maleate is a kind of psychotropic drug and derived from thebaine, a constituent of opium. Full Article
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