RAFA Rafarma Pharmaceuticals Inc (PK)

Rafarma Pharmaceuticals, Inc. (Pink Sheets:RAFA) has commenced a formal audit to provide additional transparency in its public filings with a forward view to upgrading its public stock listing. Rafarma has engaged RBSM, LLP, a highly-regarded accounting firm registered with the Public Company Accounting Oversight Board to conduct its independent financial audit.

"Rafarma's formal financial audit is another important step in the Company's advancement in the public markets. It places Rafarma within a select group of OTC companies and opens the door to a potential upgraded listing" said David Anderson, CEO.

About Rafarma Pharmaceuticals, Inc.

Operating from a new 270,000 square-foot state-of-the-art manufacturing and distribution facility in Russia, Rafarma Pharmaceuticals produces generic antibiotics and specialty pharmaceuticals in addition to its own line of proprietary products that are approved by the Ministry of Health of Russian Federation. For the last three years, the Russian Government has been highly focused on bolstering the development of the nation's domestic pharmaceutical industry. Rafarma's mission is to work under the auspices of these aggressive federal initiatives to fast-track the modernization of Russia's pharmaceutical industry.

For more information on Rafarma Pharmaceuticals, visit: http://rafarma.com

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Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.

CONTACT: Dave Anderson, CEO
         Phone: 801-210-7135
         IR@Rafarma.com