Sabby Management, Dara Biosciences: In a new 13G filing just reported to the SEC, Hal Mintz’s Sabby Management reported an 8.3% stake in DARA Biosciences Inc (NASDAQ:DARA) stock. Due to the nature of the disclosure, Sabby is here as a passive investor, much as Alpha Capital Anstalt reported yesterday. At market close, Alpha reported a slightly smaller 7.6% stake in Dara.
A couple of days earlier, Dara Biosciences announced it is entering into a Securities Purchase Agreement with several institutional investors, in which the company intends to sell 5.1 million shares in a direct offering. The price of the offering is set at $0.50 per share with gross proceeds amounting to almost $2.6 million, Dara Biosciences said in a statement.