Finance

RiVax maker announces private placement of $3.77M with institutional investors

Published in Medical Letter on the CDC and FDA, March 20th, 2005

DOR BioPharma, Inc., (DOR) announced that it has entered into definitive agreements for the sale of securities in a private placement to institutional investors with gross proceeds to the company of approximately $3.77 million.

Under the terms of the financing, in exchange for gross proceeds of approximately $3.77 million, DOR will issue, subject to customary closing conditions, 8,396,100 shares of common stock and warrants to purchase 6,297,075 shares of common stock.

The warrants, which will have an exercise price of 101% of the closing price per share of the company's common stock on the closing date, will be exercisable for a period of 5 years...

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Source: Medical Letter on the CDC and FDA (2005-03-20)

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