BEIJING, July 22 /PRNewswire-Asia-FirstCall/ —
Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) (“Lotus” or
the “Company”), a growing developer, manufacturer and seller of
medicine and drugs in the People’s
Republic of China (the “PRC”), announced today that it has
entered into a termination agreement with Yorkville Global Master
SPV Ltd. (“Yorkville”) whereby the parties agreed to mutually
terminate the Standby Equity Distribution Agreement, dated March 3, 2010, between the company and
Yorkville (the “SEDA”) with no further obligations.
CEO, Dr. Zhongyi Liu, commented,
“We appreciate the capital commitment from Yorkville, but we won’t
utilize the SEDA. The reason is that currently we have sufficient
working capital and growth capital to carry out the construction
and outfitting of our new building complex in Beijing, which is expected to open in
2010. We will consider alternative funding options and structures
only when our stock valuation improves, in order to protect against
stock dilution.”
About Lotus Pharmaceuticals, Inc. (http://www.lotuspharma.com
)
Lotus Pharmaceuticals, Inc. is a growing developer and producer
of drugs and a licensed national seller of pharmaceutical items in
the PRC. Lotus operates its business through its two controlled
entities: Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi
Pharmaceutical, Ltd. Lotus’ current drug development is focused on
the treatment of cerebro-cardiovascular disease
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