February 16, 2010 (FinancialWire) — Labopharm Inc. (NASDAQ: DDSS) (TSX: DDS) said it has priced an underwritten public offering of 11,764,706 newly issued units at a public offering price of $1.70 per unit.

Each unit is comprised of one of the company’s common shares and a warrant to purchase 0.5 of a common share. Each whole warrant entitles the holder to acquire one common share of the company upon payment of $2.30 per share, exercisable at any time during the period beginning six months after the date of issuance and ending three years following the date of issuance.

The gross proceeds to Labopharm from the sale of the units are expected to be around $20 million.

Canada-based Labopharm is an emerging drugmaker engaged in optimizing the performance of existing small molecule drugs using its proprietary controlled-release technologies. The company has offices in Princeton, New Jersey.

Labopharm’s lead product, a once-daily formulation of tramadol, is now available in 17 countries around the world, including the U.S., Canada, major European markets and Australia.

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