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 symbol "DARA".
For more information please contact the Company at 919-872-5578 or visit our web site at http://www.darabio.com.
All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934 as amended. Such forward-looking statements are subject to factors that could cause actual results to differ materially for DARA from those projected. Those factors include risks and uncertainties relating to the company's ability to develop and bring new products to market as anticipated, the current regulatory environment in which the company develops and sells its products, 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 intellectual property of others, the company's ability to raise capital, and other risk factors identified in the documents DARA has filed, or will file, with the Securities and Exchange Commission. Copies of DARA's filings with the SEC may be obtained from the SEC Internet site at http://www.sec.gov. DARA expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in DARA's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based. DARA BioSciences and the DARA logo are trademarks of DARA BioSciences, Inc.
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| SOURCE DARA BioSciences, Inc. Copyright©2008 PR Newswire. All rights reserved |
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