Labopharm closes public offering of units

Labopharm (TSX:DDS; NASDAQ:DDSS) has closed a public offering of 11,764,706 units priced at $1.70 (U.S.) a unit for net proceeds of $18.15 million, after deducting underwriting and estimated offering expenses.

Each unit consists of one common share and a warrant to purchase 0.5 of a common share.  Each warrant entitles the holder to acquire one common share at a price of $2.30 each, beginning in six months and ending in three years.

Proceeds will be used for working capital and other general corporate purposes, including, but not limited to, supporting the commercialization of Oleptro in the U.S., as well as other existing and new product candidates, and financing clinical development and regulatory costs.