Attached files
Exhibit 5
January 18, 2012
DARA BioSciences, Inc.
8601 Six Forks Road, Suite 160
Raleigh, NC 27615
Ladies and Gentlemen:
We have acted as special counsel to DARA BioSciences, Inc., a Delaware corporation (the Company), in connection with the registration under the Securities Act of 1933, as amended (the Securities Act), of the offer and sale of 1,700 shares of the Companys Series B convertible preferred stock (the Preferred Stock) and warrants to purchase 619,308 shares of the Companys common stock (the Warrants) pursuant to the Securities Purchase Agreement dated January 17, 2012 (the Agreement) by and between the Company and the purchaser identified on the signature page thereto (the Purchaser). The Preferred Stock and Warrants are being offered and sold pursuant to a registration statement on Form S-3 under the Securities Act originally filed with the Securities and Exchange Commission (the Commission) on March 25, 2011 and declared effective on April 19, 2011 (File No. 333-173098) (the Registration Statement), including a base prospectus dated April 19, 2011 and a prospectus supplement dated January 17, 2012 (the Prospectus Supplement).
You have requested our opinion as to the matters set forth below in connection with the Registration Statement. For purposes of rendering that opinion, we have examined the Registration Statement, the Agreement, the Companys Restated Certificate of Incorporation, the Companys Certificate of Designation for the Preferred Stock and the Companys Amended and Restated By-laws, and the corporate action of the Company that provides for the designation and issuance of the Preferred Stock and the issuance of the Warrants, and we have made such other investigation as we have deemed appropriate. We have examined and relied upon certificates of public officials and such other documents and instruments as we have deemed necessary or advisable for the purpose of rendering our opinion. As to certain matters of fact that are material to our opinion, we have relied upon certificates of officers of the Company. In rendering our opinion, we also have made the assumptions that are customary in opinion letters of this kind. We have not verified any of those assumptions.
Our opinion set forth below is limited to the Delaware General Corporation Law, including applicable provisions of the Delaware Constitution and reported judicial decisions interpreting those laws.
Based upon and subject to the foregoing, it is our opinion that the issuance of the Preferred Stock, the Warrants and the Warrant Shares have been duly authorized and, when issued and duly paid for in accordance with the terms of the Agreement, the Preferred Stock, the
DARA BioSciences, Inc.
January 18, 2012
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Warrants, and upon exercise in accordance with the terms of the Warrants, the Warrant Shares will be, validly issued, fully paid and non-assessable.
This opinion is expressed as of the date hereof, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.
We hereby consent to the filing of this opinion letter with the Commission as Exhibit 5 to the Companys Current Report on Form 8-K dated January 17, 2012 and its incorporation by reference in the Registration Statement. We also consent to the reference to our Firm in the Prospectus Supplement under the caption Legal Matters. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.
Very truly yours, |
/s/ K&L Gates LLP |
K&L Gates LLP |