SOURCE: Duska Therapeutics, Inc.

October 01, 2007 16:14 ET

Duska Therapeutics Completes $5.75 Million Private Equity Financing

BALA CYNWYD, PA--(Marketwire - October 1, 2007) - Duska Therapeutics, Inc. ("Duska" or the "Company") (OTCBB: DSKA), a biopharmaceutical company developing new medicines to treat cardiovascular disease, announced today that it has completed a $5.75 million financing from three institutional investors. The financing is in the form of two-year 10% notes, convertible into 14,375,000 shares of Duska common stock subject to adjustment as provided in the notes, 14,375,000 one-year warrants convertible into Duska common stock and 14,375,000 five-year warrants, also convertible into Duska common stock.

"We are excited to complete this first financing by institutional investors. We intend to use the proceeds to develop several of our drugs to an inflection point in valuation," stated James S. Kuo, M.D, M.B.A., Duska's Chairman of the board of directors.

The securities issued by Duska have not been registered under the Securities Act of 1933 or any state securities laws. Therefore, such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws. This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities.

About Duska Therapeutics, Inc.

Duska Therapeutics, Inc., based in Bala Cynwyd, Pennsylvania, develops new medicines to treat cardiovascular disease by modulating the P2 receptor in the heart and lungs. In addition to ATPace™ (adenosine triphosphate injection) for the treatment and diagnosis of certain cardiac arrhythmias, Duska has drug development programs targeting chronic obstructive pulmonary disorders and cough, male infertility and mitigating the toxic effects of radiation exposure. For more information, visit Duska's website: www.duskatherapeutics.com.

Forward-Looking Statement: This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and certainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the early stage of Duska's drug development projects, Duska's limited financial resources and its need to raise additional capital to fund its ongoing working capital and drug development needs, the need for future clinical testing of Duska's drug candidates, uncertainties regarding the scope of the clinical testing that may be required by regulatory authorities and the outcomes of those tests, the significant time and expense that will be incurred in developing any of the potential commercial applications for Duska's P2R technologies, risks relating to the enforceability of any patents covering Duska's products and to the possible infringement of third party patents by those products, and the impact of third party reimbursement policies on the use of and pricing for Duska's products. Additional uncertainties and risks are described in Duska's most recently filed SEC documents, such as its most recent annual report on Form 10-KSB, all quarterly reports on Form 10-QSB and any current reports on Form 8-K filed since the date of the last Form 10-KSB. All forward-looking statements are based upon information available to Duska on the date the statements are first published. Duska undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Duska Therapeutics, Inc.
    General Information:
    Wayne Lorgus
    Chief Financial Officer
    (610) 660-6690