EWING, N.J., March 25 /PRNewswire-FirstCall/ -- DOR BioPharma, Inc. (OTC Bulletin Board: DORB) (DOR or the Company), a late-stage biopharmaceutical company, announced today that it has entered into a $400,000 common stock equity investment agreement priced at market with its clinical trials management partner, Numoda Corporation (Numoda). One hundred thousand dollars of this investment will be completed in January 2010. This investment follows and enhances the collaboration between DOR and Numoda announced June 30, 2008 and represents partial payment by DOR under the collaboration agreement.
Numoda, which specializes in providing life sciences companies with innovative trial-performance metrics in enrollment, logistics, monitoring and financial efficiencies, is currently collaborating with DOR to execute DOR's confirmatory Phase 3 clinical trial of orBec(R) for the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD).
'We are pleased to receive this vote of confidence from our partner, Numoda,' said Christopher J. Schaber, PhD, President and CEO of DOR. 'This investment is in keeping with our philosophy of aligning the interests of our collaborators and subcontractors with those of our shareholders. We believe that making them partners in our success enhances the likelihood of a positive outcome. It is gratifying to me that Numoda shares our passion and excitement over the promise of orBec(R) in acute GI GVHD.'
Mary Schaheen, Numoda's Chief Executive Officer, said, 'Numoda is very pleased to demonstrate its strong commitment to DOR on the confirmatory Phase 3 clinical trial of orBec(R) in GI GVHD. We are confident in both our ability to deliver high-performance results and in the prospects for a successful clinical trial. We look forward to working with DOR and to successfully completing this Phase 3 clinical trial in an expedient fashion.'
The Company's common stock was sold to Numoda in a private placement in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the 'Securities Act'). The shares have not been registered under the Securities Act or any state securities laws, and the shares may not be offered or sold absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In connection with the offering, DOR has agreed to add the shares to its existing pre-effective registration statement. This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy shares and is being issued under Rule 135c under the Securities Act.
