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2009-07-09 Richardson & Patel Closes $20 Million Financing for NASDAQ Company
NEWS: IMMEDIATE RELEASE Richardson & Patel Closes $20 Million Financing for NASDAQ Company Richardson & Patel Represents Skystar Bio Pharmaceutical in $20 Million Raise Los Angeles, CA (July 9, 2009) - Richardson & Patel, LLP today announced that it closed a $20 million registered offering for NASDAQ company Skystar Bio Pharmaceutical (NASDAQ: SKBI), a China-based developer and distributor of veterinary healthcare and medical care products. “Over the last 9 months we’ve endured the worst climate for raising capital in many years,” said Richardson & Patel Partner and Director of the firm’s Asian Practice Group, Kevin Leung. “We represent a long list of thriving China-based companies looking to US investors for capital, some of which have been trying for the past 9 months to close their financing transactions. We are hopeful that the closing of this financing signals a shifting tide in capital markets and an increasing appetite by US investors for China-based deals,” added Mr. Leung. ”Richardson & Patel has been our U.S. securities counsel for over 3 years and has tirelessly served and looked out for our best interest. Approximately a year ago we asked them to assist us with a public offering and listing on a senior exchange and they introduced us to several potential underwriters,” said Mr. Weibing Lu, Chairman of Skystar. “When the market collapsed in September 2008, Richardson & Patel took an active role in introducing us to a new underwriter, Rodman & Renshaw, when many law firms would have just let the offering fail,” added Mr. Lu. “They just refused to let the deal die,” Mr. Lu continued. “The financing market has been slow to recover and it was Richardson & Patel’s commitment to our company that helped us secure a larger financing round at better valuations than originally contemplated in the most difficult financing market seen in years,” claimed Mr. Lu. About Richardson & Patel, LLP
The law firm of Richardson & Patel, with offices in Los Angeles and New York, focuses on business reorganization & bankruptcy law, corporate & securities law, mergers & acquisitions, corporate finance, and business, securities & employment litigation. Richardson & Patel’s entrepreneurial spirit and competitive strength lies in its ability to blend its understanding of capital markets with its grasp for complex legal issues. As a valued business partner to numerous emerging growth clients, Richardson & Patel has mastered the art of business and the science of law to deliver Business Minds for Legal Matters. Contact Douglas Gold 310-208-1182 dgold@richardsonpatel.com
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