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Stock Market & Financial Investment News

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December 31, 2012
08:35 EDTDARADara BioSciences to raise $2.8M in sale of convertible preferred stock, warrants
DARA BioSciences announced that it entered into a definitive securities purchase agreement with certain investors providing for the issuance of $2,800,000 of shares of Series B-3 and Series B-4 convertible preferred stock, convertible into a combined total of 3,684,210 shares of common stock, two and one half year warrants to purchase up to 1,842,105 shares of common stock at an exercise price of $1.05 and five and one half year warrants to purchase up to 1,842,105 shares of common stock at an exercise price of $1.05. None of the warrants are exercisable for six months from the initial issuance date. The Series B-3 and Series B-4 convertible preferred stock is convertible at any time into shares of common stock at an initial conversion price of $0.76 per share. The company said the financing will provide additional capital for the commercial activities related to Soltamox, its FDA-approved treatment for breast cancer, and for Gelclair, its FDA-cleared product for the treatment of oral mucositis, which it expects to launch in the first quarter of 2013. The company expects that with this additional funding it will have enough cash to effectively execute its commercial plan and believes that this raise alleviates its need for additional financing in 2013. The closing of the sale of the securities is expected to take place on or about December 31.
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