DARA BioSciences (Nasdaq: DARA) is looking to raise new capital.

The Raleigh-based company says it hopes to generate $2.73 million for commercialization of its products through a stock sale.

DARA faces a de-listing threat from the Nasdaq with its stock continuing to sell under $1.

Working with DARA on the sale will be BTIG LLC, DARA said in a statement. The agreement was announced after the markets closed Monday.

“The Company intends to use the net proceeds to fund expenses related to the commercialization of its complementary portfolio of oncology and oncology supportive care pharmaceutical products, including expenses for the commercial activities related to Soltamox, Gelclair, and Bionect and for working capital, business development and other general corporate purposes,” DARA said.

DARA shares closed Monday at 57 cents.

Nasdaq has warned DARA that its stock must be back above $1 by November or its shares will be de-listed.

In June, Dara granted worldwide development and commercialization rights to diabetes drug candidate DB959 to T3D Therapeutics, a new Research Triangle Park company. David Drutz, CEO and chief medical officer for Dara, said in a statement that the diabetes compound no longer fit the focus of the company, which has made a strategic move into products used in cancer care. Dara has made multiple acquisitions in the last year of products used in oncology.

The deal was valued at $500,000 up front: $250,000 within three days of the June 17 agreement and another $250,000 by Dec. 20. Dara said in securities filings that these initial license fees will be used to eliminate $500,000 in liabilities associated with the compound. Dara also stands to gain revenue from unspecified milestones depending on the progress of the DB959 program.

DARA closed 2012 with an agreement to sell $2.8 million in shares to investors at $1.05 each.

The deal was announced Dec. 31.

Last October, DARA began selling a liquid version of the breast cancer drug tamoxifen for patients who have difficulty swallowing pills.

The liquid version is called Soltamox.

It is available by prescription