DARA BioSciences Signs Definitive Agreement to Raise $1.7 Million in Registered Direct Offering

DARA BioSciences, Inc. DARA today announced that it has entered into a definitive agreement with one institutional investor providing for the sale of $1.7 million of shares of Series B convertible preferred stock and warrants to purchase 619,308 shares of common stock. Subject to certain ownership limitations, the Series B preferred stock is convertible at any time at the option of the holder into shares of common stock at a conversion price of $1.3725 per share. The transaction is expected to close on or about January 20, 2012, subject to satisfaction of customary closing conditions.