AXM gets $1.2 million grant from Shenyang city government

By Ted A. Knutson

Washington, March 2 - AXM Pharma, Inc., a manufacturer of proprietary and generic pharmaceutical and nutraceutical products for the Chinese and other Asian markets, said Thursday it has been approved for a $1.2 million grant from the Shenyang, China, municipal government.

The company has a subsidiary based in Shenyang.

Proceeds are expected to be used to expand existing operations as well as for working capital and other general corporate purposes.

"This funding will be useful in allowing us to secure additional capital and will allow us to meet near-term capital requirements," said Wang Weishi, chief executive officer of the City of Industry, Calif.-based company, in a press release.

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