RALEIGH, N.C. and WEST HAVEN, Conn., Oct. 17 /CNW/ -- DARA BioSciences,
Inc. and Bayer Pharmaceuticals Corporation (BPC), a U.S. subsidiary of Bayer
HealthCare AG signed a license agreement granting DARA BioSciences exclusive
worldwide rights to a series of patents and compounds for the treatment of
metabolic diseases, in particular type 2 diabetes and dyslipidemia. Lead
compounds are in later preclinical development.
Under the terms of the agreement DARA BioSciences will develop and
commercialize products while Bayer will receive an upfront payment, milestone
payments and royalties during the development and commercialization. In
addition, Bayer has certain rights to commercialize products emanating from
this development program.
Richard A. Franco, Sr., President and Chief Executive Officer, stated,
"DARA BioSciences' licensing-in of the Bayer technology demonstrates our
commitment to exploring new alternatives in the treatment of metabolic
diseases including diabetes. This transaction also demonstrates our
continuing success in executing our strategy to identify new opportunities in
order to expand and diversify our product portfolio. We look forward to the
opportunity to work with Bayer."
The WHO estimates that globally over 170 million people have diabetes.
Type 2 diabetes accounts for 90% to 95% of all cases of diabetes. Worldwide
the costs associated with treating diabetes and its complications are
estimated to exceed $200 billion a year. By 2030 the prevalence of diabetes is
predicted to double, driven by adverse lifestyle changes which have seen an
explosion in the incidence of obesity, a risk factor for type 2 diabetes.
Worldwide, diabetes is a huge and growing problem for which new treatments are
About Bayer HealthCare
The Bayer Group is a global enterprise with core competencies in the
fields of health care, nutrition and high-tech materials. Bayer HealthCare, a
subsidiary of Bayer AG, is one of the world's leading, innovative companies in
the healthcare and medical products industry and is based in Leverkusen,
Germany. The company combines the global activities of the Animal Health,
Consumer Care, Diabetes Care and Pharmaceuticals divisions. Bayer
HealthCare's aim is to discover and manufacture products that will improve
human and animal health worldwide. Find more information at
About DARA BioSciences, Inc.
DARA BioSciences(TM), Inc. ("DARA") is a Raleigh, North Carolina-based
development-stage pharmaceutical company that acquires promising therapeutic
molecules and medical technologies directly or through investment in
established companies. DARA focuses its therapeutic development efforts on
small molecules from late preclinical development through phase 2 clinical
trials. DARA is developing a portfolio of therapeutic candidates for
neuropathic pain, metabolic diseases including type 2 diabetes, and
dermatological disorders. On October 10, 2007, DARA announced an agreement to
merge with Point Therapeutics, Inc. (Nasdaq: POTP).
For more information please contact DARA at 919-872-5578 or visit our web
site at www.darabiosciences.com.
Please Note: This press release contains forward-looking statements
regarding future events. These statements are just predictions and are subject
to risks and uncertainties that could cause the actual events or results to
differ materially. These risks and uncertainties include risks of testing of
drugs for proof of principle, risks of regulatory review and clinical trials,
competition, market acceptance for approved products, if any, and intellectual
For further information:
For further information: John Didsbury, Ph.D., Chief Scientific Officer,
+1-919-861-0198, or Lynn H. Morris, Sr. Manager, Investor Relations &
Corporate Operations, +1-919-872-5578, both of DARA BioSciences; Meredith
Fischer, Corporate Communications, Bayer Healthcare Pharmaceuticals,
+1-203-812-6485 Web Site: http://www.darabiosciences.com