The merger of DARA Biosciences™ of Raleigh and Point Therapeutics of Boston, Mass. became effective at the close of business on February 12, 2008.
DARA is now a wholly-owned subsidiary of Point, and Point changed its name to DARA BioSciences, Inc.
DARA is 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.
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.