Dec 19 2009
US-based pharmaceutical company Radient
Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today its
China-based subsidiary Jade Pharmaceutical, Inc. ("JPI"), of which RPC owns
approximately 98%, has signed a strategic advisory agreement with Security
Research Associates, Inc. ("SRA").
Under the terms of the agreement, SRA will provide advisory services to RPC
for the sale and/or financing of JPI, with the goal of maximizing the
monetization of this operating asset. As of RPC's Q309 financial
statements, JPI is valued at approximately $20.5 million on RPC's balance
sheet.
SRA is a boutique investment banking and capital markets firm that supports
fast-growing, publicly-traded companies in the small cap arena. SRA is
specifically focused on companies having between a $50 million -- $2
billion market capitalization in the technology, healthcare, consumer and
cleantech sectors.
According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals
Corporation, "We are extremely pleased JPI has retained SRA to assist them
in executing a sale or strategic financing, which is currently slated in
early FY2010. Our goal is to maximize the monetization of this operating
asset on behalf of the shareholders of JPI."
SOURCE: Radient Pharmaceuticals Corporation