DARA BioSciences, Inc. Raises $10.25 Million to Launch Drugs
5/1/2012 7:58:49 AM
Triangle Business Journal by Lauren K. Ohnesorge, Staff Writer
Dara BioSciences, Inc. (Nasdaq: DARA) has sold $10.25 million in convertible stock and netted warrants to purchase an equal number of shares of common stock.
CEO David Drutz says the financing will fund the commercial launches of breast cancer drug Soltamax and oncology radiation drug Bionect.
Both drugs have been cleared by the FDA.
Also in the announcement was news that Dara is now compliant with Nasdaq listing requirements. Last year, the Raleigh-based company received notice from Nasdaq that equity requirements weren’t being followed and that it could be delisted.
Dara had disclosed in January that it would approve extended employment contracts for Drutz and COO Christopher Clement if the company obtained $10 million in financing by 2013.