RALEIGH, N.C., Jan. 18, 2012 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA) today announced that it has entered into a definitive agreement with one institutional investor providing for the sale of $1.7 million of shares of Series B convertible preferred stock (which are convertible into a total of 1,238,616 shares of common stock) and warrants to purchase 619,308 shares of common stock. Subject to certain ownership limitations, the Series B preferred stock is convertible at any time at the option of the holder into shares of common stock at a conversion price of $1.3725 per share. The transaction is expected to close on or about January 20, 2012, subject to satisfaction of customary closing conditions.
