By Devika Patel
Knoxville, Tenn., Sept. 11 - Dara BioSciences, Inc. said it will conduct a $2.5 million registered direct offering of units.
The company will sell 6,578,947 units of one common share and a warrant for 0.75 of a share at $0.38 per unit. Each whole warrant is exercisable at $0.616 for five years.
Capital Solutions, Inc. is the agent.
Settlement is expected Sept. 14.
Based in Raleigh, N.C., Dara is a pharmaceutical company that acquires therapeutic molecules and medical technologies.
| Issuer: | Dara BioSciences, Inc.
|
| Issue: | Units of one common share and one warrant for 0.75 of a share
|
| Amount: | $2.5 million
|
| Units: | 6,578,947
|
| Price: | $0.38
|
| Warrants: | One warrant for 0.75 of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.616
|
| Agent: | Capital Solutions, Inc.
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 14
|
| Stock symbol: | Nasdaq: DARA
|
| Stock price: | $0.56 at close Sept. 10
|
| Market capitalization: | $13.9 million
|
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