RALEIGH, N.C., April 7, 2008 /PRNewswire-FirstCall/ -- DARA BioSciences(TM) (Nasdaq: DARA) announced today that the audit report accompanying 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 Rule 4350(b)(1)(B) requires that a public announcement be made regarding the receipt 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 reflect Point Therapeutics' operating results and financial position prior to the merger with DARA BioSciences, the going concern qualification was expected. The merger with DARA BioSciences occurred on February 12, 2008 and the first reported results of the merged entity will be on Form 10-Q for the quarter ending March 31, 2008. With that said, it is also important to note that DARA has previously stated that it does intend to seek additional capital during the coming year."
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 trades on the NASDAQ Global Market under the ticker symb
|SOURCE DARA BioSciences, Inc.|
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