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Raptor Pharmaceutical Corp. Announces Closing of $7.5 Million Registered Direct Offering
Date:12/23/2009

NOVATO, Calif., Dec. 23 /PRNewswire-FirstCall/ -- Raptor Pharmaceutical Corp. ("Raptor" or the "Company") (Nasdaq: RPTP), today announced that on December 22, 2009, it completed its registered direct offering with institutional investors, raising an aggregate amount of approximately $7.5 million of gross proceeds (before placement agent fees and offering expenses) through the sale of 3,747,558 units. The units consist of one share of common stock and one warrant to purchase 0.5 of a share of common stock with a term of five years, and one warrant to purchase 0.5 of a share of common stock with a term of 18 months. Both warrants have an exercise price of $2.45 per share of common stock and are not exercisable for six months. The shares of common stock and warrants were issued separately.

Christopher M. Starr, Ph.D., CEO of Raptor, said, "This U.S.-based financing is a major milestone for Raptor, as the proceeds from this offering will enable us to move all of our principal clinical programs forward, focusing on our lead compound, DR Cysteamine, for the treatment of cystinosis. We look forward to executing our pivotal Phase 3 clinical trial for cystinosis. We are pleased with the participation of institutional investors in this offering, and appreciate the continued support of our existing long-term shareholders and welcome our new shareholders, as we work to achieve our next clinical milestones and move closer to potential commercialization of this eagerly anticipated therapeutic for cystinosis patients."

As previously disclosed, Raptor intends to use the net proceeds from the offering for general corporate purposes, including activities related to further clinical development of DR Cysteamine and for other working capital and operational purposes.

Ladenburg Thalmann & Co. Inc.
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SOURCE Raptor Pharmaceutical Corp.
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