Jun 7 2010
Harbor BioSciences, Inc. (Nasdaq:HRBR) announced today that it has entered into an agreement with certain institutional investors to raise approximately $2.06 million in gross proceeds through the sale of approximately 5.9 million shares of its common stock and warrants to purchase approximately 3.5 million shares of its common stock. The shares of common stock and warrants to purchase common stock will be sold in units, with each unit consisting of one share of common stock and a warrant to purchase 0.6 of a share of common stock. The purchase price per unit is $0.35. The shares and warrants are being offered as a registered direct offering under the Company's shelf registration statement previously filed with the Securities and Exchange Commission (SEC) on December 22, 2009, amended on January 6, 2010 and declared effective on January 15, 2010. Harbor BioSciences, Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $1.8 million.
The offering is expected to close on June 10, 2010, subject to customary closing conditions. The net proceeds of the financing will be used for general corporate purposes.
Chardan Capital Markets, LLC served as the placement agent. The securities will be offered by means of a prospectus supplement and accompanying prospectus, forming a part of the effective registration statement, a copy of which may be obtained, when available, at the SEC's website at http://www.sec.gov.