Dor BioPharma raises $2.28 million in equity financing

Under the terms of the agreement, Dor will sell 20 million common shares together with a five-year warrant to purchase up to 200 million shares of Dor common stock at $0.14 per share, for an aggregate price of $2.28 million.

The expiration date of the warrants will be accelerated if the company’s common stock meets certain price thresholds and Dor would receive additional gross proceeds of approximately $2.8 million if exercised.

Christopher Schaber, president and CEO of Dor, said: “With a strengthened balance sheet, we will be able to focus on beginning our confirmatory Phase III trial of orBec while continuing to explore all partnering options with Sigma Tau. We look forward to building on our recent achievements and expect 2009 to be an eventful year.”