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NEW YORK (TheStreet) -- DARA Biosciences (DARA) plunged Friday after the company priced its offering of common stock at $12.5 million.
DARA will issue registered shares of Series C-1 Convertible Preferred Stock with an aggregate stated value of approximately $12.5 million, which is convertible at the option of holders into a total of approximately 11.26 million shares of common stock at a conversion price of $1.11 per share.