RALEIGH, N.C. and WELLESLEY HILLS, Mass., Feb. 12 DARABioSciences, 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 ofDARA and Point. Immediately prior to the consummation of the merger, Pointeffected a reverse stock split of its common stock pursuant to which each 40shares of Point common stock issued and outstanding was converted into oneshare of Point common stock. As a result of the merger, DARA stockholders willreceive 1.031406 shares of Point common stock for each share of DARA commonstock 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 appreciatethe confidence of the stockholders of DARA and Point as evidenced by theirvotes."
Upon consummation of the merger, DARA became a wholly-owned subsidiary ofPoint, and Point changed its name to DARA BioSciences, Inc. The combinedcompany's common stock will continue to trade on the NASDAQ Capital Marketunder the symbol "DARA ". Additionally, the Board of Directors and executiveofficers of DARA will lead the combined company.
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 has licensed promising drug developmentcandidates from Kirin Pharmaceuticals of Japan, Bayer PharmaceuticalsCorporation, Massachusetts General Hospital and Nuada LLC.
As of February 13, 2008, DARA will trade on the NASDAQ Capital Marketunder the ticker symbol "DARA".
For more information please contact the Company at 919-872-5578 or visitour web site at www.darabiosciences.com.
SOURCE DARA BioSciences, Inc.