RALEIGH, N.C., March 25, 2011 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (the "Company") (Nasdaq:DARA) today announced that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). The registration statement will replace a registration statement set to expire on April 18, 2011 and is intended to provide the Company with financial flexibility for future growth and does not reflect a change in its financing strategy. At present, the Company has no specific plans to issue securities under the registration statement. In December 2010, the Company successfully completed a $4.8 million preferred stock and warrant offering and it believes it has sufficient cash to complete its key clinical milestones in 2011.
When the registration statement is declared effective by the SEC, DARA Biosciences will be able to offer and sell up to $30 million of securities, including equity, debt and other securities as described in the registration statement. The terms of any offering under the shelf registration statement will be determined at the time of offering. Proceeds from the sale of any securities will be used for the purposes described in a prospectus supplement filed at the time of an offering.
The registration statement has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the shelf registration statement becomes effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of the securities covered under the shelf registration statement will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering.
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