Dara BioSciences (DARA -3.3%) dips after saying it's has entered into a $2.8M securities...

|By:, SA News Editor

Dara BioSciences (DARA -3.3%) dips after saying it's has entered into a $2.8M securities purchase agreement with some select investors for mix of convertible preferred stock and warrants. None of the warrants are exercisable for six months from the initial issuance date, and the convertible preferred stock is convertible at any time into shares of common stock at an initial conversion price of $0.76 per share.