RALEIGH, N.C., Oct. 21, 2008 (GLOBE NEWSWIRE) -- DARA Biosciences, Inc. (Nasdaq:DARA), a development-stage pharmaceutical company focused on compounds designed to address diabetes, neuropathic pain and psoriasis markets, announced today that it has entered into a securities purchase agreement with certain investors providing for the sale to these investors of 2,255,000 units at a price of $1.00 per unit. Each unit consists of one share of common stock, a Class A warrant and a Class B warrant. The Class A warrant is exercisable six-months after issuance, and enables the holder to purchase one share of common stock for each unit purchased at an exercise price of $1.30 per share. The Class B warrant is exercisable 12 months after closing, and enables the holder to purchase one share of common stock for each two units purchased at an exercise price of $2.25 per share.
