RALEIGH, N.C., April 9, 2012 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA) (the “Company” or “DARA”) announced that it entered into definitive securities purchase agreements with certain investors in connection with a public offering providing for the sale of $10,100,000 of shares of Series B-2 convertible preferred stock (which are convertible into a total of 10,100,000 shares of common stock), five year warrants to purchase up to 5,050,000 shares of common stock at an exercise price of $1.00 per share and five year warrants to purchase up to 5,050,000 shares of common stock at an exercise price of $1.25 per share. The Series B-2 convertible preferred stock is convertible at any time into shares of common stock at an initial conversion price of $1.00 per share The conversion price represents approximately a 25% discount to the volume weighted average trading price of the Company’s common stock during the five trading days preceding entry into the securities purchase agreements.
