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Carrington Completes $8 Million Financing
Date:8/23/2007

nts are exercised in full.

Subject to certain exceptions, the conversion price for the debentures and the exercise price for the warrants will be subject to anti-dilution adjustments. The debentures may be redeemed in full at any time by Carrington, at its option, subject to certain conditions, including triggering the exercisability of certain additional warrants. In addition, under certain circumstances Carrington may force the conversion of the debentures, depending on the performance of the Company's common stock.

The Company has agreed to file a shelf registration statement with the Securities and Exchange Commission on or before August 31, 2007, registering the resale of the common stock underlying the debentures and the warrants. The securities to be issued in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement or an exemption from such registration requirements. Dawson James Securities, Inc. served as exclusive placement agent.

The Company intends to use the proceeds for financing to further the development of its DelSite subsidiary's unique drug and vaccine delivery technologies and for general corporate purposes. Carlton E. Turner, Ph.D., D.Sc., President and CEO of Carrington, stated, "With the financing completed, we have the resources to rapidly proceed with the next steps of validating DelSite's nasal delivery technology, first with a toxicology study that was initiated last week, and then a full-scale human safety trial that we hope to commence by year-end."

About Carrington

Carrington Laboratories, Inc. is an ISO 9001-certified, research-based, biopharmaceutical and consumer products company currently utilizing naturally-occurring complex carbohydrates to manufacture and market products for mucositis, radiation dermatitis, wound and oral care, as well as to manufacture and mar
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SOURCE Carrington Laboratories, Inc.
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