AXM Pharma secures $2.65 million from convertible debt financing

By Laura Lutz

Des Moines, Aug. 8 - AXM Pharma arranged a $2.65 million private placement of convertible debt and settled a first tranche for $200,000.

Beida Wei Ming Bioproduct Co., Ltd., a subsidiary of Beida Wei Ming Bio-Engineering Group Inc., is the investor.

The funding is convertible into common stock at $1.25 per share.

Proceeds will be used for production and product development and for general corporate purposes.

AXM is a pharmaceutical company based in City of Industry, Calif. The company's stock closed up 4 cents at $0.15 on Wednesday (Pink Sheets: AXMP).

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