By Sheri Kasprzak
Atlanta, Feb. 3 - DOR BioPharma Inc. said it has raised $3.77 million in a private placement of stock.
The company sold 8,396,100 shares at $0.45 each to institutional investors.
The investors will also receive warrants for 6,297,075 shares at a price equal to 101% of the closing price per share at the closing of the deal. The warrants are exercisable for five years.
The expiry of the warrants will be accelerated if DOR's stock trades above 300% of the exercise price for 20 trading days during any 30 consecutive trading day period.
Based in Miami, DOR is a biopharmaceutical company focused on the development of biodefense vaccines and therapeutics. The proceeds from the private placement will be used for further clinical and pre-clinical development of vaccines, regulatory interaction with the Food and Drug Administration, the potential acquisition of additional clinical-stage products and general corporate purposes.
| Issuer: | DOR BioPharma Inc.
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| Issue: | Stock
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| Amount: | $3.77 million
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| Shares: | 8,396,100
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| Price: | $0.45
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| Warrants: | For 6,297,075 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | Equal to 101% of the closing price at close of deal
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| Announcement date: | Feb. 3
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| Stock price: | $0.52 at close Feb. 2
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