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Raptor Pharmaceuticals Raises $5 Million
Date:8/25/2009

NOVATO, Calif., Aug. 25 /PRNewswire-FirstCall/ -- Raptor Pharmaceuticals Corp. ("Raptor" or the "Company") (OTC Bulletin Board: RPTP), today announced that it has raised an aggregate $5 million of gross proceeds through a private placement of units ("August 2009 Private Placement") and through the exercise of warrants (the "Warrant Exchange") originally issued in connection with its May/June 2008 private placement. The August 2009 Private Placement resulted in gross proceeds to Raptor of approximately $2.4 million or $2.3 million after placement agent fees and other expenses. The Warrant Exchange raised approximately $2.6 million in net proceeds for Raptor.

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Raptor intends 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. ("TorreyPines") (Nasdaq: TPTX), which is expected to close in the fourth quarter of 2009.

The August 2009 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 ("Warrants") to purchase up to 3,728,125 shares of the Company's common stock. 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 issuanc
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SOURCE Raptor Pharmaceuticals Corp.
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