PharmaPrint Agrees on Joint Venture
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PharmaPrint Inc. said Wednesday it has agreed with a Chinese company to form a joint business entity that will sell herbal-based health products in China and the Asia Pacific region using PharmaPrint’s process.
The Irvine herbal supplement maker said in a press release that it owns 51% of the new entity, principally by contributing exclusive rights to its technology.
The rest is owned by ShenZhen ZeGu Venture Capital Co., a unit of China New Industries Investment Co. The parent company will contribute $6-million cash, with an initial payment of $1.5 million and the rest in installments over a two-year period.
PharmaPrint has been trying to build its business and keep its stock on Nasdaq after its only major customer last fall cut orders, gave notice that it would terminate a supply contract and sued the Orange County company.
Shares of PharmaPrint closed Wednesday at $1.44 a share, up 47 cents. A year ago, its stock was trading at nearly $15 a share.
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