Skystar Bio-Pharmaceutical Company : Skystar Bio-Pharmaceutical Announces Closing of Public Offering of Common Stock

Published in Business and Finance on Wednesday, July 8th 2009 at 4:11 GMT, Last Modified on 2009-07-08 04:11:31 by Market Wire
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XI'AN, CHINA--(Marketwire - July 8, 2009) - Skystar Bio-Pharmaceutical Company (NASDAQ: [ SKBI ]) ("Skystar" or the "Company"), a China-based producer and distributor of veterinary medicines, vaccines, micro-organisms and feed additives, today announced that it closed its previously announced public offering of 1.4 million of common stock and an additional 210,000 shares exercised by Rodman & Renshaw, LLC as part of its over-allotment option. Gross proceeds to the Company from the offering, prior to deducting underwriting discounts, commissions and offering expenses, were approximately $21 million.

The Company is expected to use the net proceeds from the offering to complete a new vaccine facility; construct a new production facility for micro-organisms and feed additives; acquire other companies in the veterinary healthcare industry in China; and for working capital and general corporate purposes, including research and development and marketing.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: [ RODM ]), acted as sole book-running manager for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Skystar Bio-Pharmaceutical Company

Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and over 170 products, with over 40 additional products in the developmental stage. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit [ http://www.skystarbio-pharmaceutical.com ].

To be added to the Company's email distribution for future news releases, please send your request to [ kristen@tpg-ir.com ].

Forward-looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.

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