DOR BioPharma prepares to close $3.65 million from PIPE

By Sheri Kasprzak

New York, April 6 - DOR Biopharma, Inc. has settled a $3.65 million private placement of stock.

The company secured definitive agreements from institutional investors for 13.2 million shares. The exact price per share could not be determined by press time Thursday.

The investors will also receive warrants for 13.2 million shares, exercisable at $0.45 each.

Proceeds will be used for clinical and preclinical development of the company's bio-defense vaccine development programs and for the continuation of regulatory interaction with the Food and Drug Administration for its orBec product. The rest will be used for general corporate purposes.

DOR, based in Miami, Fla., develops treatments for the side effects of cancer, as well as treatments for cancer itself.

The company's stock gained 2 cents to end at $0.34 (Amex: DOR) Thursday.

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