Tibet Pharmaceuticals Announces Closing of IPO

Tibet Pharmaceuticals, Inc. TBET today announced that it has closed its initial public offering of 3,000,000 shares of common stock at a public offering price of $5.50 per share. The size of the offering closed at the maximum end of the 2,500,000 to 3,000,000 share range as previously disclosed in Tibet's registration statement filed with the U.S. Securities and Exchange Commission. There were over 1,000 investors that purchased shares in the offering. The common shares are expected to begin trading mid-morning tomorrow, January 25, 2011, under the ticker symbol "TBET" on the Nasdaq Global Market.