SAN DIEGO, June 7, 2010 (GLOBE NEWSWIRE) -- Harbor BioSciences, Inc. (Nasdaq:HRBR) announced today that it has entered into an agreement with certain institutional investors to raise approximately $2.06 million in gross proceeds through the sale of approximately 5.9 million shares of its common stock and warrants to purchase approximately 3.5 million shares of its common stock. The shares of common stock and warrants to purchase common stock will be sold in units, with each unit consisting of one share of common stock and a warrant to purchase 0.6 of a share of common stock. The purchase price per unit is $0.35. The shares and warrants are being offered as a registered direct offering under the Company’s shelf registration statement previously filed with the Securities and Exchange Commission (SEC) on December 22, 2009, amended on January 6, 2010 and declared effective on January 15, 2010. Harbor BioSciences, Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $1.8 million.
