Raptor Pharmaceutical Corp. Announces Closing of US$7.5 Million Registered Direct Offering

NOVATO, California, December 23 - Raptor Pharmaceutical Corp. ("Raptor" or the "Company") (Nasdaq: RPTP),
today announced that on December 22, 2009, it completed its registered direct
offering with institutional investors, raising an aggregate amount of
approximately US$7.5 million of gross proceeds (before placement agent fees
and offering expenses) through the sale of 3,747,558 units. The units consist
of one share of common stock and one warrant to purchase 0.5 of a share of
common stock with a term of five years, and one warrant to purchase 0.5 of a
share of common stock with a term of 18 months. Both warrants have an
exercise price of US$2.45 per share of common stock and are not exercisable
for six months. The shares of common stock and warrants were issued
separately.

Christopher M. Starr, Ph.D., CEO of Raptor, said, "This U.S.-based
financing is a major milestone for Raptor, as the proceeds from this offering
will enable us to move all of our principal clinical programs forward,
focusing on our lead compound, DR Cysteamine, for the treatment of
cystinosis. We look forward to executing our pivotal Phase 3 clinical trial
for cystinosis. We are pleased with the participation of institutional
investors in this offering, and appreciate the continued support of our
existing long-term shareholders and welcome our new shareholders, as we work
to achieve our next clinical milestones and move closer to potential
commercialization of this eagerly anticipated therapeutic for cystinosis
patients."

As previously disclosed, Raptor intends to use the net proceeds from the
offering for general corporate purposes, including activities related to
further clinical development of DR Cysteamine and for other working capital
and operational purposes.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE Amex: LTS), acted as the exclusive placement
agent for this offering. C.K. Cooper & Company acted as a selected dealer in
this transaction.

The offering was made pursuant to the Form S-3 shelf registration
statement declared effective by the Securities and Exchange Commission (the
"SEC") on November 5, 2009. Copies of the final prospectus supplement and
accompanying prospectus relating to the offering may be obtained from the
SEC's website at www.sec.gov, or from Ladenburg Thalmann & Co. Inc.,
520 Madison Avenue, 9th Floor, New York, New York 10022.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or jurisdiction.

About Raptor Pharmaceutical Corp.

Raptor Pharmaceutical Corp. (Nasdaq: RPTP) ("Raptor") is dedicated to
speeding the delivery of new treatment options to patients by working to
improve existing therapeutics through the application of highly specialized
drug targeting platforms and formulation expertise. Raptor focuses on
underserved patient populations where it can have the greatest potential
impact. Raptor currently has product candidates in clinical development
designed to potentially treat nephropathic cystinosis, non-alcoholic
steatohepatitis ("NASH"), Huntington's Disease ("HD"), aldehyde dehydrogenase
("ALDH2") deficiency, and a non-opioid solution designed to potentially treat
chronic pain.

Raptor's preclinical programs are based upon bioengineered novel drug
candidates and drug-targeting platforms derived from the human
receptor-associated protein ("RAP") and related proteins that are designed to
target cancer, neurodegenerative disorders and infectious diseases.

For additional information, please visit www.raptorpharma.com.

FORWARD LOOKING STATEMENTS

This document contains forward-looking statements as that term is defined
in the Private Securities Litigation Reform Act of 1995. These statements
relate to future events or our future results of operation or future
financial performance, including, but not limited to the following
statements: that the proceeds from this offering will enable us to move all
of our principal clinical programs forward; that we will execute our pivotal
Phase 3 clinical trial for cystinosis in 2010, if at all; that we will work
to achieve our next clinical milestones and move closer to potential
commercialization; and that any of Raptor's clinical and preclinical drug
candidates will result in approved therapeutics. These statements are only
predictions and involve known and unknown risks, uncertainties and other
factors, which may cause the Company's actual results to be materially
different from these forward-looking statements. Factors which may
significantly change or prevent the Company's forward looking statements from
fruition include: that Raptor may be unsuccessful at raising funds to
continue its development programs; Raptor may be unsuccessful in developing
any products or acquiring products; that Raptor's technology may not be
validated as it progresses further and its methods may not be accepted by the
scientific community; that Raptor is unable to retain or attract key
employees whose knowledge is essential to the development of its products;
that unforeseen scientific difficulties develop with the Company's process;
that Raptor's patents are not sufficient to protect essential aspects of its
technology; that competitors may invent better technology; and that Raptor's
products may not work as well as hoped or worse, that the Company's products
may harm recipients. As well, Raptor's products may never develop into useful
products and even if they do, they may not be approved for sale to the
public. Raptor cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date they were made.
Certain of these risks, uncertainties, and other factors are described in
greater detail in the Company's filings from time to time with the Securities
and Exchange Commission (the "SEC"), which Raptor strongly urges you to read
and consider, including Raptor's current report on Form 8-K as filed with the
SEC on November 17, 2009; the joint proxy statement/prospectus on Form S-4
filed with the SEC on August 19, 2009; Raptor's annual report on Form 10-K
filed with the SEC on March 27, 2009; and Raptor's quarterly report on Form
10-Q filed with the SEC on August 11, 2009, all of which are available free
of charge on the SEC's web site at www.sec.gov. Subsequent written and
oral forward-looking statements attributable to Raptor or to persons acting
on its behalf are expressly qualified in their entirety by the cautionary
statements set forth in Raptor's reports filed with the SEC. Raptor expressly
disclaims any intent or obligation to update any forward-looking statements.

    For more information, please contact:

    Kim R. Tsuchimoto, CFO
    +1-415-382-1390
    ktsuchimoto@raptorpharma.com

    The Ruth Group
    Sara Ephraim Pellegrino (investors)
    +1-646-536-7002
    spellegrino@theruthgroup.com

    Janine McCargo (media)
    +1-646-536-7033
    jmccargo@theruthgroup.com

Kim R. Tsuchimoto, CFO, +1-415-382-1390, ktsuchimoto at raptorpharma.com, or for the Ruth Group: Sara Ephraim Pellegrino (investors), +1-646-536-7002, spellegrino at theruthgroup.com, or Janine McCargo (media), +1-646-536-7033, jmccargo at theruthgroup.com