RALEIGH, N.C. and WELLESLEY HILLS, Mass., Feb. 12 /CNW/ -- DARA
BioSciences, Inc. ("DARA") and Point Therapeutics, Inc. ("Point") (Nasdaq:
POTP) announced the consummation of their merger transaction, effective as of
the close of business on February 12, 2008.
The merger was completed after approval by the respective stockholders of
DARA and Point. Immediately prior to the consummation of the merger, Point
effected a reverse stock split of its common stock pursuant to which each 40
shares of Point common stock issued and outstanding was converted into one
share of Point common stock. As a result of the merger, DARA stockholders will
receive 1.031406 shares of Point common stock for each share of DARA common
stock and preferred stock held immediately prior to the transaction.
In making the announcement, DARA's Chairman Richard A. Franco, Sr.,
commented, "We are pleased to have completed this transaction and appreciate
the confidence of the stockholders of DARA and Point as evidenced by their
Upon consummation of the merger, DARA became a wholly-owned subsidiary of
Point, and Point changed its name to DARA BioSciences, Inc. The combined
company's common stock will continue to trade on the NASDAQ Capital Market
under the symbol "DARA ". Additionally, the Board of Directors and executive
officers of DARA will lead the combined company.
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. DARA has licensed promising drug development
candidates from Kirin Pharmaceuticals of Japan, Bayer Pharmaceuticals
Corporation, Massachusetts General Hospital and Nuada LLC.
As of February 13, 2008, DARA will trade on the NASDAQ Capital Market
under the ticker symbol "DARA".
For more information please contact the Company at 919-872-5578 or visit
our web site at www.darabiosciences.com.
For further information:
For further information: John C. Thomas, Jr., Chief Financial Officer,
+1-919-872-5578, or Lynn H. Morris, Sr. Manager, Investor Relations &
Corporate Operations, +1-919-872-5578, both of DARA BioSciences, Inc. Web