Point Therapeutics to merge with DARA BioSci
DARA BioSciences, a privately-held development-stage pharmaceutical company, and fellow USA-based Point Therapeutics have entered into a definitive agreement to merge. For an undisclosed sum, DARA will integrate with a unit of Point to become a wholly-owned subsidiary.
On the day of the news, October 10, shares in Point reached $0.15 in pre-market trading, having closed at $0.04 the day before. However, the firm still faces the threat of delisting as its share price is below the Nasdaq's $1 requirement.
Following the merger, DARA stockholders will hold 96.4% of Point's outstanding common stock on a fully-diluted basis, and Point will change its name to DARA BioSciences and be based in Raleigh, North Carolina. The acquisition is intended to be a tax-free reorganization under the Internal Revenue Code and is expected to close in the first quarter of 2008.
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