China SXT Pharmaceuticals, Inc. (SXTC), a pharmaceutical company, has declined by 6.79% in aftermarket trading session. As a result, the stock is trading at $0.501 at the time of the writing. On Friday, the stock closed the day at $0.5375 after declining 0.44% during the regular trading session. The last news from the company was regarding the underwritten public offering of ordinary shares.
Public Offering from SXTC
On Friday, SXTC announced that it intends to offer its ordinary shares and pre-funded warrants for the purchase of ordinary shares in an underwritten public offering. The pre-funded warrants were to be offered at the same share price as the ordinary shares, less the $0.0001 per share exercise price of each pre-funded warrant. The company intended to utilize the net proceeds from the offering for general corporate purposes. Aegis Capital Corp. was serving as the sole book-running manager for the offering.
Development and Commercialization of Kuihuapan and Zhudanfen
On the same day, SXTC announced that it develops and commercializes the Kuihuapan After-Soaking-Oral TCMP and Zhudanfen Directly-Oral TCMP products. The company said that the Kuihuapan products have the functions of clearing heat, calming the liver, dredging collaterals, and relieving pain. In the case of Zhudanfen products, they have the functions of clearing heat and moistening dryness, relieving cough and asthma, and detoxifying. The company expects the annual output of both Kuihuapan and Zhudanfen to reach 300,000 bottles.
Receipt of Pharmaceutical Manufacturing Permit
In October last year, SXTC announced that it had received the new Pharmaceutical Manufacturing Permit from Jiangsu Province Medical Products Administration with a new production scope of lyophilization processing. The company also said that it passed its pharmaceutical GMP compliance inspection conducted by JSMPA for its new lyophilization production facility.
Future Outlook for SXTC
During the last three months, SXTC stock has declined by more than 40% due to both company’s specific and market-related factors. The analysts, however, are of the view that the stock is in a good shape to attract the investors in coming days. Hence, potential investors should keep a close eye on the performance of the stock.