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DARA BioSciences, Inc. Prices Registered Securities Offering

RALEIGH, N.C., Dec. 29, 2010 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA) (the "Company") has priced a public offering of up to 4800 units at a price of $1000 per unit to the public with each unit consisting of (1) one share of Series A convertible preferred stock which is convertible into 400 shares of our common stock (2) a Class A Warrant to purchase 200 shares of common stock and (3) a Class B Warrant to purchase 200 shares of common stock. Subject to certain ownership limitations, the Series A preferred stock is convertible at any time at the option of the holder into shares of our common stock at a conversion price of $2.50 per share. The Company has increased the size of the offering from the previously announced $4 million to up to $4.8 million.

Ladenburg Thalmann & Co., Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE AMEX:LTS) (the "Placement Agent"), acted as the exclusive placement agent for this offering.

Class A Warrants are exercisable immediately after the date of issuance and expire five years after the date of issuance. Class A Warrants will entitle the holder to purchase shares of common stock for an exercise price equal to $2.50. 

Class B Warrants are exercisable immediately after the date of issuance and expire one year after the date of issuance. Class B Warrants will entitle the holder to purchase shares of common stock for an exercise price equal to $2.50. 

On December 29, 2010, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain investors providing for the purchase of a total of $4,591,000 units consisting of 4,591 shares of Series A convertible preferred stock (which are convertible into a total of 1,836,400 shares of common stock), Class A Warrants to purchase 918,200 shares of common stock and Class B Warrants to purchase a total of 918,200 shares of common stock. $200,000 of these units will be purchased by Richard A. Franco Sr., the Company's president and CEO. The closing of the sale of these units is expected to take place on or about December 30, 2010, subject to customary closing conditions.

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