RALEIGH, N.C., Sept. 11, 2009 (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 6,578,947 units, with each unit consisting of one of the Company’s common shares and 0.75 warrants to purchase one share of common stock, for gross proceeds of approximately $2.5 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 $0.38 per unit. The warrants, which represent the right to acquire 4,934,210 million common shares, will be exercisable at any time on or after March 15, 2010 and prior to the 5-year anniversary of the closing of the transaction at an exercise price of $0.616 per share, which was above the closing price of the Company’s common shares on the NASDAQ Capital Market on September 10, 2009. Moody Capital Solutions, Inc., acted as placement agent for the offering.
