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»11/04/2007 [Company watch]
Benda Pharmaceutical, Inc. acquired 57.57% of Shenzhen SiBiono GeneTech Co., Ltd. ("SiBiono"), maker of GendicineĀ® cancer commercialized gene therapy product.

Benda Pharmaceutical, Inc. ("Benda" or the "Company") (OTCBB: BPMA), a China-based pharmaceutical company engaged in the identification, discovery, development, and manufacturing of conventional medicines, active pharmaceutical ingredients and pharmaceutical intermediaries (or bulk chemicals), and Traditional Chinese Medicines, announced today that, through its 95% owned China-based subsidiary, Hubei Tongji Benda Ebei Pharmaceutical Co., Ltd. ("Benda Ebei"), it has treatment, the world's first approved and acquired 57.57% of Shenzhen SiBiono GeneTech Co., Ltd. ("SiBiono"), maker of GendicineĀ® cancer commercialized gene therapy product.

 

Benda Pharmaceutical, Inc. ("Benda" or the "Company") (OTCBB: BPMA), a China-based pharmaceutical company engaged in the identification, discovery, development, and manufacturing of conventional medicines, active pharmaceutical ingredients and pharmaceutical intermediaries (or bulk chemicals), and Traditional Chinese Medicines, announced today that, through its 95% owned China-based subsidiary, Hubei Tongji Benda Ebei Pharmaceutical Co., Ltd. ("Benda Ebei"), it has acquired 57.57% of Shenzhen SiBiono GeneTech Co., Ltd. ("SiBiono"), maker of Gendicine® cancer treatment, the world's first approved and commercialized gene therapy product.

Shenzhen SiBiono GeneTech Co., Ltd.

Founded in 1998 in Shenzhen, China, SiBiono is dedicated to the research, development, manufacturing and commercialization of innovative gene therapy products. As a worldwide pioneer in gene therapy, SiBiono is at the forefront of cancer treatment.

On October 16, 2003, SiBiono successfully obtained a "New Drug License" from the State Food and Drug Administration of China ("SFDA"). In January 2004, Gendicine® received conditional production approval from the SFDA. In April 2004, SiBiono obtained a "Certificate of GMP for Pharmaceutical Product" for its Gendicine® production facilities, making it fully qualified to launch to the market Recombinant Human Ad-p53 Injection, trademarked as Gendicine® worldwide. Gendicine® is the world's first commercialized gene therapy product approved by a government agency. Gendicine® has been recognized by the global media as a major breakthrough and milestone in the field of gene research and biotechnology and is expected to make an important contribution to the international pursuit for improved quality of human life and health. Additional information about SiBiono is available on its Web site: www.SiBiono.com/en/.

The Transaction

On April 5, 2007, Benda, through its 95% owned China-based subsidiary Benda Ebei, entered into an agreement with the two controlling shareholders of Shenzhen SiBiono GeneTech Co., Ltd. to purchase a total of approximately 57.57% of the of the shares of SiBiono's common stock for total cash consideration of RMB 60.0 million (approximately $7.7 million).

In addition, Benda issued 2,100,000 shares of restricted common stock as consideration for services rendered under a financial consultancy agreement (the "Consulting Agreement"). Under terms of the Consulting Agreement, in the event that (a) Benda's stock does not reach $3.60 per share, and (b) the Company is not listed on either the NASDAQ Capital Market or the American Stock Exchange within three months from the last date of a twelve-month restriction period following the issuance of such shares per the Consulting Agreement, then the consulting firm has the right to cause Benda to redeem 1,960,000 (out of a total of 2.1 million issued) Benda shares for cash consideration of $7,056,000.

"The acquisition of a majority ownership of SiBiono is a watershed event for Benda, significantly increases the breadth of our product lines and establishes Benda as a worldwide leader in the field of gene therapy products," said Mr. Yiqing Wan, CEO and Chairman of Benda.

The Private Placement

Simultaneous with the acquisition of the majority of the shares in SiBiono, on April 5, 2007 Benda completed a $7.4 million private placement to certain institutional and accredited investors who had also participated in the Company's previous $12.0 million private offering, which closed on November 15, 2006. This most recent offering consisted of Units priced at $0.555 per share, with each Unit comprised of (a) one two-year convertible promissory note with a 4% coupon, which is convertible into 54,087 shares of Benda common stock; and (b) one five-year warrant with an exercise price of $0.555 per share, which can be exercised into shares of Benda's common stock beginning in two years. Keating Securities, LLC acted as placement agent to Benda in the private placement


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