BALA CYNWYD, Pa.--(BUSINESS WIRE)--March 9, 2006--Duska Therapeutics, Inc. (“Duska”) (OTCBB:DSKT), a development-stage biopharmaceutical company focused on the development of diagnostic and therapeutic products based on adenosine 5'-triphosphate (ATP) and P2 receptors-related technologies, today announced that it has received subscriptions from accredited investors to purchase $2,000,000 of its common stock in connection with its previously-announced private placement, which provides for the sale of up to 8,000,000 shares of Duska’s common stock at $0.25 per share. The $2,000,000 is represented by checks or funds, which are being held by an independent escrow agent, and will be released to Duska when a registration statement covering the resale of such shares is declared effective by the Securities and Exchange Commission. If the registration statement does not become effective by June 5, 2006, and the escrow duration is not extended by the unanimous consent of the investors, the $2,000,000 of escrowed checks or funds will be returned to the investors. The Company intends to use the expected proceeds to cover general and administrative expenses, and to fund further development of its products, potential acquisitions of drug candidates and/or strategic partnerships. The private placement is still subject to the contingency noted above.
