AXM Pharma receives first tranche of 10 million renminbi loan from Shenyang government

By Lisa Kerner

Erie, Pa., April 28 - AXM Pharma, Inc. said it received initial proceeds of $375,000 equivalent in the first tranche of a 10 million renminbi loan without interest from the Shenyang Municipal Government, with the second and final tranche of $875,000 equivalent expected before the end of April.

The proceeds will be used to expand existing operations, for working capital and for general corporate purposes, according to a company news release.

Located in City of Industry, Calif., AXM Pharma, through its wholly owned subsidiary, AXM Pharma Shenyang, Inc., manufactures proprietary and generic pharmaceutical products for export and domestic Chinese sales.

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