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DARA Biosciences Inc Announces Registered Direct Offering of $2.55 Million

Tuesday, 22 Oct 2013 08:05am EDT 

DARA Biosciences Inc announced that on October 22, 2013, the Company entered into a Securities Purchase Agreement with certain institutional investors providing for the issuance and sale by the Company in a registered direct offering of 5,100,000 shares of the Company's common stock, par value $0.01 per share, at an offering price of $0.50 per share for gross proceeds of $2,550,000 before deducting for placement agent fees and expenses. The closing of the Offerings is expected to take place on or about October 25, 2013, subject to customary closing conditions. The Company estimates that the net proceeds from the Offerings will be approximately $2.3 million. The net proceeds received by the Company from the Offerings will be used to fund its obligations under certain agreements as described below. The Company intends to enter into a Master Service Agreement, with Alamo Pharma Services, Inc., following the closing of the Offerings, pursuant to which Alamo will provide the Company with a dedicated sales force for the promotion of the Company's products, Soltamox, Gelcair, Bionect, and certain complementary products of Mission Pharmacal Company (Mission). Alamo will be responsible for the hiring, training, and compensation of the sales force and will provide certain sales support in connection therewith. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., acted as the sole placement agent in connection with the offering. 

Company Quote

-0.97 -3.41%
4:00pm EDT