RALEIGH, N.C., Oct. 25, 2010 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA), a development-stage pharmaceutical company, today announced that it has entered into a definitive agreement with several institutional investors to sell 612,667 units, with each unit consisting of one of the Company’s common shares and 0.50 warrants to purchase one share of common stock, for gross proceeds of approximately $1.4 million, before deducting placement agent fees and estimated offering expenses, in a “registered direct” offering. The investors have agreed to purchase the units at a purchase price of $2.25 per unit. The warrants, which represent the right to acquire 306,334 common shares, will be exercisable beginning six months after the date of issuance and will expire on the fifth anniversary following the date they first become exercisable at an exercise price of $2.79 per share, which was above the closing price of the Company’s common shares on the NASDAQ Capital Market on October 22, 2010.
