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Raptor Pharmaceuticals nets $9.3 million in private placement

NOVATO, June 30, 2008 -- Raptor Pharmaceuticals (Bulletin Board: RPTP) today reported that it closed a $10 million private placement of stock, netting the company $9.3 million to fund development of drugs proposed to treat cancer, disorders that attack the nervous system and infectious diseases.

Co-founder and CEO Christopher Starr, Ph.D. said Raptor will use the proceeds to move forward with clinical testing programs acquired in the last 10 months and preclinical programs developed in-house. The company expects to have three clinical trials in progress in the next six to nine months.

"We are pleased to have closed this private placement, especially given the challenging financing environment for development-stage biotech companies," Dr. Starr said.

The private placement includes 20 million shares of common stock at 50 cents a share and two-year warrants to purchase 10 million shares at 75 cents each the first year and 90 cents a share the second. Limetree Capital of Zurich was the lead placement agent.

For details, visit www.raptorpharma.com.

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