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China In-Focus: China Medicine Closes Private Placement

February 3, 2010 (FinancialWire) — China Medicine Corp. (OTCBB: CHME) said that it has closed the equity private placement contemplated in its Stock Subscription Agreement with One Equity Partners, the global private equity investment arm of JPMorgan Chase & Co. (NYSE: JPM).

At closing, China Medicine sold four million of the company’s common shares at $3 per share for $12 million in gross proceeds and 1.92 million of its redeemable convertible preferred shares at $30 per share for $57.6 million in gross proceeds resulting in aggregate net proceeds of $66.5 million.

Of the proceeds, $57.6 million has been placed in escrow and will be released to fund additional capital expenditures and acquisition projects subject to approval from OEP and the company’s board of directors.

Each redeemable convertible preferred share is initially convertible into ten common shares.

China-based China Medicine is a developer, manufacturer and distributor in China of Western pharmaceuticals, traditional Chinese medicine products, other nutriceuticals, medical devices, and medical formulations.

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