August 26, 2009 (FinancialWire) — Raptor Pharmaceuticals Corp. (OTCBB: RPTP) (Current Market Cap: $24.29 Mil.) said it has raised $5 million of gross proceeds through a private placement of units and through the exercise of warrants originally issued in connection with a May and June 2008 private placement.

The latest placement resulted in gross proceeds to Raptor of around $2.4 million, or $2.3 million after placement agent fees and other expenses. The warrant exchange raised around $2.6 million in net proceeds for the company.

Raptor Pharmaceuticals plans to use the net proceeds to fund programs for its late-stage drug product candidates and to execute its corporate strategy, including closing the proposed merger with TorreyPines Therapeutics, Inc., which is scheduled to close in the fourth quarter of 2009.

The private placement consisted of the sale of an aggregate 7,456,250 units, with each unit priced at $0.32. Each unit consists of one share of the company’s common stock and a two-year warrant to purchase one-half of one share of the company’s common stock.

The units sold represent an aggregate of 7,456,250 shares of the company’s common stock and warrants to purchase up to 3,728,125 shares of Raptor’s common stock.

Raptor said that the warrants are exercisable for up to two years from the date of issuance at $0.60 per share and $0.75 per share during the first and second years following issuance, respectively.

Novato, California-based Raptor Pharmaceuticals currently has product candidates in clinical development to treat nephropathic cystinosis, non-alcoholic steatohepatitis, Huntington’s disease and aldehyde dehydrogenase deficiency.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.