RALEIGH, N.C., Oct. 25 /CNW/ -- DARA BioSciences announced that current
Director, President and CEO Richard A. Franco, Sr. has been appointed Chairman
of the Board of Directors. The announcement was made following the October 23
Board of Directors meeting. Steve Gorlin and Thomas W. D'Alonzo previously
served as Co-Chairmen, and will remain as Directors of the Company.
Steve Gorlin, Co-Founder of DARA, said, "Given his vast experience in the
public and private business sectors as well as his clinical/scientific and
business management knowledge, the Board of Directors felt Richard Franco was
the natural selection to direct the future of DARA BioSciences." Thomas W.
D'Alonzo further commented, " DARA BioSciences has an exciting future. The
change is appropriate at this time given DARA's pending transition to public
company status through the pending merger with Point Therapeutics. Steve and I
feel that DARA BioSciences as well as the stockholders will benefit from
Richard's focused efforts and Board leadership."
Richard Franco has served as DARA's President, Chief Executive Officer
and a member of its Board of Directors since 2005. Before joining DARA Mr.
Franco co-founded LipoScience, Inc., a private medical technology and
diagnostics company, and served as president, CEO, chairman and director of
that company from 1997 to 2001 and as its executive chairman through 2002.
Prior to founding LipoScience, he was president, CEO and director of Trimeris,
Inc., Biopharmaceutical Company (TRMS). Mr. Franco currently is a director of
Salix Pharmaceuticals, Ltd., (SLXP) a specialty pharmaceutical company;
NeoMatrix, LLC, a private medical technology company commercializing screening
systems for breast cancer detection; and the Research Triangle Chapter of the
National Association of Corporate Directors (NACD). In addition, he served as
a director of EntreMed Inc. (ENMD), TriPath Imaging Inc (TPTH) and Tranzyme
Inc. and was a member of Glaxo Inc's executive committee. Mr. Franco earned a
Bachelor of Science degree in pharmacy from St. John's University and did his
graduate work in pharmaceutical marketing and management at Long Island
University. His early career was spent with Eli Lilly and Company as well as
Glaxo Inc. where he held senior management positions.
Upon accepting his new role as Chairman, Mr. Franco commented, "DARA
BioSciences exists due to the foresight and relentless efforts of Steve
Gorlin. With the combined guidance of Steve and Tom D'Alonzo, the DARA Board
of Directors was able to deliver excellent results for stockholders. For
example, DARA has made two in-kind stock distributions to stockholders within
the past two and a half years, which resulted from the successful
implementation of the Company's investment strategies and business model. One
of those investments was in Medivation, Inc. (MDVN), which became a public
company in 2005. Shares in Medivation were distributed to DARA stockholders in
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) and on October 17,
announced the completion of an in-licensing transaction with Bayer
For more information please contact the Company 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 receipt of
stockholder approvals with regard to the Point Therapeutics transaction and
other risks that the transaction might not close, integration of the two
companies, risks related to the potential lack of a liquid market for the
combined company's stock, reliance on key employees, risks of testing of drug
candidates for proof of principle, risks of regulatory review and clinical
trials, competition, market acceptance for approved products, if any, and
intellectual property risks.
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 Web Site: