By Sheri Kasprzak
New York, April 7 - DOR Biopharma, Inc. has disclosed the particulars of its previously announced $3,650,000 private placement.
The company sold 13,190,184 shares at $0.2771 each to a group of institutional investors.
The investors include Iroquois Master Fund Ltd.; Platinum Partners Long Term Growth III; Alpha Capital AG/CO LH Financial; Cyrille F. Buhrman; Nite Capital, LP; Smithfield Fiduciary LLC; Little Gem Life Sciences Fund, LLC; Ed Burke; Bristol Capital Advisors LLC; Steven Mark; Vasili Myrianthopoulos; Ken Alberstadt; David Gentile; Bernard Pismeny; Kyle Brengel; Michael T. Sember; and Evan Myrianthopoulos.
The investors received warrants for 13,190,184 shares, exercisable at $0.45 each for three years.
The expiry of the warrants will be accelerated if the volume weighted average price per share of the company's stock exceeds $1.69 for more than 20 consecutive trading days.
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.
| Issuer: | DOR Biopharma, Inc.
|
| Issue: | Stock
|
| Amount: | $3,650,000
|
| Shares: | 13,190,184
|
| Price: | $0.2771
|
| Warrants: | For 13,190,184 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.45
|
| Investors: | Iroquois Master Fund Ltd.; Platinum Partners Long Term Growth III; Alpha Capital AG/CO LH Financial; Cyrille F. Buhrman; Nite Capital, LP; Smithfield Fiduciary LLC; Little Gem Life Sciences Fund, LLC; Ed Burke; Bristol Capital Advisors LLC; Steven Mark; Vasili Myrianthopoulos; Ken Alberstadt; David Gentile; Bernard Pismeny; Kyle Brengel; Michael T. Sember; and Evan Myrianthopoulos
|
| Settlement date: | April 6
|
| Stock symbol: | Amex: DOR
|
| Stock price: | $0.34 at close April 6
|
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