Dara to raise $12.5 million in public offering

Dara BioSciences Inc. (NASDAQ: DARA) plans to raise about $12.5 million through the sale of 12,500 units at $1,000 in a public offering. The units comprise: convertible preferred series C-1 shares; a five-year warrant to purchase 450.5 common shares and a 13-month warrant to purchase 450.5 common shares. The preferred shares initially convert at $1.11 into about 11.3 million shares. The warrants are exercisable at $1.67 per share. Ladenburg Thalmann and H.C. Wainwright are placement agents.

Dara's pipeline includes three marketed products: breast cancer drug Soltamox tamoxifen; Gelclair povidone for oral mucositis; and Bionect 0.2% hyaluronic acid (HA) for skin irritation and burns associated with radiation therapy. Gelclair is a bioadherent oral gel, and Bionect is a low molecular weight HA formulation. Soltamox is a liquid formulation of tamoxifen citrate, an off-patent selective estrogen receptor modulator (SERM). ...