Offering sells series B-2 convertible preferreds, warrants in units
By Devika Patel
Knoxville, Tenn., May 1 - Dara BioSciences, Inc. said it raised $10.25 million through a public offering of series B-2 convertible preferred stock on April 26. The offering priced April 16 and was conducted by Ladenburg Thalmann & Co., Inc.
The company sold 10,250 units of one series B-2 convertible preferred share and warrants for 10.25 million common shares.
Half of the warrants are each exercisable at $1.00, with the remainder exercisable at $1.25. The strike prices represent 5.26% and 31.58% premiums to the April 13 closing share price of $0.95.
Proceeds will be used for the commercial launches of Soltamox and general corporate purposes.
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 series B-2 convertible preferred share and warrants for 10.25 million common shares
|
| Amount: | $10.25 million
|
| Units: | 10,250
|
| Warrants: | For 10.25 million shares (per unit)
|
| Warrant strike price: | $1.00, $1.25
|
| Agent: | Ladenburg Thalmann & Co., Inc.
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| Pricing date: | April 16
|
| Settlement date: | April 26
|
| Stock symbol: | Nasdaq: DARA
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| Stock price: | $0.95 at close April 13
|
| Market capitalization: | $6.34 million
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