RALEIGH, N.C., Oct. 13, 2009 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA), a development-stage biopharmaceutical company, today announced that it has entered into a definitive agreement with institutional investors to sell 1,400,037 units, with each unit consisting of one share of the Company’s common stock and 0.50 warrants to purchase one share of common stock, for gross proceeds of approximately $750,000, 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 $0.5357 per unit. The warrants, which represent the right to acquire 700,019 common shares, will be immediately exercisable and remain exercisable until the 5-year anniversary of the closing of the transaction at an exercise price of $0.4732 per share, which was the closing bid price of the Company’s common shares on the NASDAQ Capital Market on October 12, 2009. Moody Capital Solutions, Inc. acted as placement agent for the offering.
