Dor (AMEX:DOR)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Dor Charts. Click Here for more Dor Charts.](/p.php?pid=staticchart&s=A%5EDOR&p=8&t=15)
DOR BioPharma, Inc. ("DOR" or the "Company") (AMEX:DOR),
today announced that it has entered into a common stock purchase
agreement with Fusion Capital Fund II, LLC, a Chicago based
institutional investor, whereby Fusion Capital shall buy up to $6.0
million of the Company's common stock. These funds are expected to be
used for general corporate purposes including the filing of its NDA
for orBec(R).
Under the common stock purchase agreement, funding of the
$6,000,000 shall occur from time to time over a 15 month period after
the Securities & Exchange Commission ("SEC") has declared effective a
registration statement covering the shares of common stock to be
purchased by Fusion Capital. Each month during the term of the
agreement, DOR has the right to sell to Fusion Capital up to $400,000
of its common stock at a price based upon the market price of the
Company's common stock on the date of each sale without any fixed
discount to the market price. The Company 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. The Company also has the right to terminate the
agreement at any time.
"We are very pleased with the favorable terms of this financing
with Fusion Capital," commented Michael T. Sember, President and Chief
Executive Officer of DOR BioPharma. "Fusion Capital has conducted
extensive due diligence on DOR. They have a strong track record in
biotechnology investments and this capital commitment demonstrates
significant confidence in the future of DOR and its products. Their
financing commitment will allow DOR to potentially raise a significant
amount of capital efficiently over time and on a cost-effective basis
from a single institutional investor. This equity commitment gives us
tremendous flexibility and greater financial security as we continue
to prepare for our NDA and MAA filings of orBec(R). We expect Fusion
Capital will be a valuable and long-term financial partner to DOR."
About Fusion Capital
Fusion Capital Fund II, LLC, is a broad based investment fund,
based in Chicago, Illinois. Fusion Capital makes a wide range of
investments ranging from special situation financing to long-term
strategic capital.
About DOR BioPharma, Inc.
DOR BioPharma, Inc. is a biopharmaceutical company addressing
life-threatening side effects of cancer and cancer treatments, serious
gastrointestinal diseases and disorders, and biomedical
countermeasures. Our lead product, orBec(R) (oral beclomethasone
dipropionate), is a potent, locally-acting corticosteroid being
developed for the treatment of intestinal Graft-versus-Host Disease
(iGVHD), a common serious complication of bone marrow transplantation
for cancer, as well as other GI disorders characterized by severe
inflammation. We plan to file a new drug application (NDA) with the
FDA for orBec(R) for the treatment of iGVHD in the first quarter of
2006.
In November we announced that we entered into a binding letter of
intent to acquire Gastrotech Pharma A/S, a Danish biotech company
developing therapeutics based on peptide hormones to treat cancer and
gastrointestinal diseases and conditions.
Through our BioDefense Division, we are developing biomedical
countermeasures pursuant to the paradigm established by the recently
enacted Project BioShield Act of 2004. Our biodefense products in
development are bioengineered vaccines designed to protect against the
deadly effects of ricin toxin and botulinum toxin, both of which are
considered serious bioterrorism threats. Our ricin toxin vaccine,
RiVax(TM), has completed the clinical portion of its Phase I clinical
trial in normal volunteers. We have also announced the initiation of a
new botulinum toxin therapeutic development program based on rational
drug design.
For further information regarding DOR BioPharma, please visit the
Company's website located at http://www.dorbiopharma.com.
This press release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, that
reflect DOR BioPharma's current expectations about its future results,
performance, prospects and opportunities, including statements
regarding the potential use of orBec(R) for the treatment of iGVHD and
the prospects for regulatory filings for orBec(R). Where possible, DOR
BioPharma has tried to identify these forward-looking statements by
using words such as "anticipates", "believes", "intends", or similar
expressions. These statements are subject to a number of risks,
uncertainties and other factors that could cause actual events or
results in future periods to differ materially from what is expressed
in, or implied by, these statements. DOR BioPharma cannot assure you
that it will be able to successfully develop or commercialize products
based on its technology, including orBec(R), particularly in light of
the significant uncertainty inherent in developing vaccines against
bioterror threats, manufacturing and conducting preclinical and
clinical trials of vaccines, and obtaining regulatory approvals, that
its technologies will prove to be safe and effective, that its cash
expenditures will not exceed projected levels, that it will be able to
obtain future financing or funds when needed, that product development
and commercialization efforts will not be reduced or discontinued due
to difficulties or delays in clinical trials or due to lack of
progress or positive results from research and development efforts,
that it will be able to successfully obtain any further grants and
awards, maintain its existing grants which are subject to performance,
enter into any biodefense procurement contracts with the U.S.
Government or other countries, that it will be able to patent,
register or protect its technology from challenge and products from
competition or maintain or expand its license agreements with its
current licensors, that it will be able to maintain its listing on the
American Stock Exchange ("AMEX") by completing a transaction which
will provide it with shareholders' equity of at least $6 million, or
that its business strategy will be successful. Important factors which
may affect the future use of orBec(R) for iGVHD include the risks
that: because orBec(R) did not achieve statistical significance in its
primary endpoint in the pivotal Phase III clinical study (i.e. a
p-value of less than or equal to 0.05), the FDA may not consider
orBec(R) approvable based upon existing studies, orBec(R) may not show
therapeutic effect or an acceptable safety profile in future clinical
trials, if required, or could take a significantly longer time to gain
regulatory approval than DOR BioPharma expects or may never gain
approval; DOR BioPharma is dependent on the expertise, effort,
priorities and contractual obligations of third parties in the
clinical trials, manufacturing, marketing, sales and distribution of
its products; or orBec(R) may not gain market acceptance; and others
may develop technologies or products superior to orBec(R). DOR
BioPharma's business strategy has been revised to include the issuance
of its securities to acquire companies or assets. DOR BioPharma
presently is involved in negotiations which could result in the
issuance of a significant number of shares of its equity securities,
thereby diluting the equity interests of present stockholders and may
result in a change in control of the company, including, but not
limited to, the pending acquisition of the closely held, private
company, Gastrotech, located in Copenhagen, Denmark. These and other
factors are described from time to time in filings with the Securities
and Exchange Commission, including, but not limited to, DOR
BioPharma's most recent reports on Form 10-QSB and Form 10-KSB. DOR
BioPharma assumes no obligation to update or revise any
forward-looking statements as a result of new information, future
events, and changes in circumstances or for any other reason.