May 17 2010
DARA BioSciences, Inc. (the "Company") (Nasdaq:DARAD) announced today that it has commenced an underwritten public offering of $10 million of units comprised of shares of common stock and warrants. The company intends to grant the underwriter in the offering an option to purchase up to $1.5 million of additional units to cover any over-allotments.
The proceeds received by the Company from the offering will be used for the ongoing development of its lead candidates and working capital.
C.K. Cooper & Company will act as the underwriter for the offering. The offering is being made only by means of a prospectus, copies of which may be obtained from the offices of C.K. Cooper & Company, 18300 Von Karman Avenue, Suite 700, Irvine, CA 92612, or by calling 1-888-477-9301. Electronic copies of the prospectus are available on the Securities and Exchange Commission's Web site at www.sec.gov.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.