By Devika Patel
Knoxville, Tenn., Jan. 21 - DOR BioPharma, Inc. completed a $2.34 million private placement of stock on Jan. 20, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced for $2.28 million on Jan. 12.
The company sold 20,563,158 common shares at $0.114 apiece and warrants for 20,563,158 shares.
Each warrant is exercisable at $0.14 for five years. The warrants may expire sooner if certain conditions are met.
Proceeds will be used for working capital and general corporate purposes.
Miami-based DOR BioPharma develops cancer treatments and treatments for gastrointestinal diseases, as well as vaccines for bioterrorism agents.
Issuer: | DOR BioPharma, Inc.
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Issue: | Common stock
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Amount: | $2,344,200.012
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Shares: | 20,563,158
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Price: | $0.114
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Warrants: | For 20,563,158 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.14
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Pricing date: | Jan. 12
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Settlement date: | Jan. 20
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Stock symbol: | OTCBB: DORB
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Stock price: | $0.13 at close Jan. 9
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Market capitalization: | $11.2 million
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