RALEIGH, N.C., April 7, 2008 DARABioSciences(TM) (Nasdaq: DARA) announced today that the audit reportaccompanying the financial statements for the fiscal year ended December 31,2007, as included in the Company's Annual Report on 10-K filed on March 31,2008, contained a going concern qualification. NASDAQ Marketplace Rule4350(b)(1)(B) requires that a public announcement be made regarding thereceipt of an audit opinion that contains a going concern qualification.
In making the announcement, John C. Thomas, Jr., Chief Financial Officer,noted, "Given the financials for the year ended December 31, 2007 reflectPoint Therapeutics' operating results and financial position prior to themerger with DARA BioSciences, the going concern qualification was expected.The merger with DARA BioSciences occurred on February 12, 2008 and the firstreported results of the merged entity will be on Form 10-Q for the quarterending March 31, 2008. With that said, it is also important to note that DARAhas previously stated that it does intend to seek additional capital duringthe coming year."
About DARA BioSciences, Inc.
DARA BioSciences(TM), Inc. ("DARA") is a Raleigh, North Carolina-baseddevelopment-stage pharmaceutical company that acquires promising therapeuticmolecules and medical technologies directly or through investment inestablished companies. DARA focuses its therapeutic development efforts onsmall molecules from late preclinical development through phase 2 clinicaltrials. DARA is developing a portfolio of therapeutic candidates forneuropathic pain, metabolic diseases including type 2 diabetes, anddermatological disorders.
DARA trades on the NASDAQ Global Market under the ticker symbol "DARA".
For more information please contact the Company at 919-872-5578 or visitour web site at www.darabio.com.
All statements in this news release that are not historical areforward-looking statements within the meaning of the Securities Exchange Actof 1934 as amended. Such forward-looking statements are subject to factorsthat could cause actual results to differ materially for DARA from thoseprojected. Those factors include risks and uncertainties relating to thecompany's ability to develop and bring new products to market as anticipated,the current regulatory environment in which the company develops and sells itsproducts, the market acceptance of those products, dependence on partners,successful performance under collaborative and other commercial agreements,competition, the strength of DARA's intellectual property, the intellectualproperty of others, the company's ability to raise capital, and other riskfactors identified in the documents DARA has filed, or will file, with theSecurities and Exchange Commission. Copies of DARA's filings with the SEC maybe obtained from the SEC Internet site at http://www.sec.gov. DARA expresslydisclaims any obligation or undertaking to release publicly any updates orrevisions to any forward-looking statements contained herein to reflect anychange in DARA's expectations with regard thereto or any change in events,conditions, or circumstances on which any such statements are based. DARABioSciences and the DARA logo are trademarks of DARA BioSciences, Inc.
SOURCE DARA BioSciences, Inc.