|
|
|
|
|
|
|
Free Newsletters
Archive
My Subscriptions
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers
Regional News
US & Canada
Biotech Bay
Biotech Beach
Genetown
Pharm Country
BioCapital
BioMidwest
Bio NC
BioForest
Southern Pharm
BioCanada East
US Device
Europe
Asia
Market Summary
News
IPOs
Company Profiles
Companies
Events
Research Store
Biotech Events
Post an Event
Real Estate
Business Opportunities
|
|
|
|
|
News | News By Subject | News by Disease |
News By Date | Search News
|
|
|
DARA BioSciences, Inc. to Raise $2.8 Million Pursuant to Securities Purchase Agreement
1/2/2013 9:17:30 AM
RALEIGH, N.C.--(BUSINESS WIRE)--DARA BioSciences, Inc. (Nasdaq:DARA) (the "Company" or "DARA") announced that it entered into a definitive securities purchase agreement with certain investors providing for the issuance of $2,800,000 of shares of Series B-3 and Series B-4 convertible preferred stock (convertible into a combined total of 3,684,210 shares of common stock), two and one half year warrants to purchase up to 1,842,105 shares of common stock at an exercise price of $1.05 and five and one half year warrants to purchase up to 1,842,105 shares of common stock at an exercise price of $1.05. None of the warrants are exercisable for six months from the initial issuance date. The Series B-3 and Series B-4 convertible preferred stock is convertible at any time into shares of common stock at an initial conversion price of $0.76 per share. David J. Drutz, M.D., Chief Executive Officer, commented, "We are pleased to have consummated this financing, which will provide additional capital for the commercial activities related to Soltamox®, our FDA-approved treatment for breast cancer, and for Gelclair, our FDA-cleared product for the treatment of oral mucositis, which we expect to launch in the first quarter of 2013. Funds will also be used for general corporate purposes. We expect that with this additional funding we will have enough cash to effectively execute our commercial plan and believe that this raise will alleviate our needs for additional financing in 2013."
|
|
|
|
|
|
|
|
|
|
|