DARA BioSciences Announces Pricing Of $12.5 Mln Public Offering

(RTTNews) - DARA BioSciences, Inc. (DARA), an oncology supportive care specialty pharmaceutical company, announced the pricing of a public offering.

The firm also announced the entry into definitive agreements with investors, which included certain officers and directors of the company for the sale of securities with gross proceeds to the company of approximately $12.5 million.

The company estimates that the net proceeds from the offering will be around $11.3 million, after deducting placement agent fees and estimated offering expenses. The closing of the offering is expected to take place on or about June 4.

DARA currently intends to use the net proceeds of the offering to fund commercial activities related to its product portfolio and the Mission Pharmacal products, including the company's obligations in connection with its agreements with Mission and Alamo.

The firm also plans to fund the acquisition of late stage/approved products to augment the company's existing portfolio of supportive care products, and to evaluate whether further internal development of KRN 5500 would be beneficial to the company's partnering efforts, among others.