Dara raises $2.5 million in sale of stock, warrants
Drug startup Dara Biosciences has raised $2.5 million through an offering of stock and warrants to investors.
The Raleigh-based company said it plans to use the funds “for working capital and other general corporate purposes,” which may include research and development and capital expenditures.
Dara on Monday filed a supplement to an April 18, 2008, prospectus, saying it had hired an adviser to issue about 6.6 million shares at 38 cents per share to several institutional investors. The transaction is expected to close on or around Sept. 14.
On Monday, Dara’s shares, which are listed on the Nasdaq small cap market, closed at 42 cents per share.
Dara, which employs five, is developing a drug to treat neuropathic pain in cancer patients. It also is developing treatments for type 2 diabetes and psoriasis.
- by Leo John | Triangle Business Journal
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