Dor BioPharma and Fusion Capital sign stock purchase agreement

Fusion Capital has purchased 2.78 million shares together with a warrant to purchase up to 1.39 million shares of Dor common stock at $0.22 per share, for an aggregate price of $500,000 or $0.18 per share representing the market price at the time the deal was negotiated.

Dor has the right over a 25-month period to sell shares of its common stock to Fusion Capital from time to time in amounts between $80,000 and $1 million, depending on certain conditions, and up to an additional $8 million in the aggregate. The purchase price of the shares will be based on the prevailing market prices of Dor’s shares at the time of sales without any fixed discount.

Dor has the right to control the timing and the amount of stock sold to Fusion Capital and under certain conditions may increase or decrease the amount of stock sold to Fusion Capital. Dor also has the right to terminate the agreement at any time.