RALEIGH, N.C., Oct. 25 /PRNewswire/ -- DARA BioSciences announced that current Director, President and CEO Richard A. Franco, Sr. has been appointed Chairman of the Board of Directors. The announcement was made following the October 23 Board of Directors meeting. Steve Gorlin and Thomas W. D’Alonzo previously served as Co-Chairmen, and will remain as Directors of the Company.
Steve Gorlin, Co-Founder of DARA, said, “Given his vast experience in the public and private business sectors as well as his clinical/scientific and business management knowledge, the Board of Directors felt Richard Franco was the natural selection to direct the future of DARA BioSciences.” Thomas W. D’Alonzo further commented, " DARA BioSciences has an exciting future. The change is appropriate at this time given DARA’s pending transition to public company status through the pending merger with Point Therapeutics. Steve and I feel that DARA BioSciences as well as the stockholders will benefit from Richard’s focused efforts and Board leadership.”
Richard Franco has served as DARA’s President, Chief Executive Officer and a member of its Board of Directors since 2005. Before joining DARA Mr. Franco co-founded LipoScience, Inc., a private medical technology and diagnostics company, and served as president, CEO, chairman and director of that company from 1997 to 2001 and as its executive chairman through 2002. Prior to founding LipoScience, he was president, CEO and director of Trimeris, Inc., Biopharmaceutical Company (TRMS). Mr. Franco currently is a director of Salix Pharmaceuticals, Ltd., (SLXP) a specialty pharmaceutical company; NeoMatrix, LLC, a private medical technology company commercializing screening systems for breast cancer detection; and the Research Triangle Chapter of the National Association of Corporate Directors (NACD). In addition, he served as a director of EntreMed Inc. (ENMD), TriPath Imaging Inc (TPTH) and Tranzyme Inc. and was a member of Glaxo Inc’s executive committee. Mr. Franco earned a Bachelor of Science degree in pharmacy from St. John’s University and did his graduate work in pharmaceutical marketing and management at Long Island University. His early career was spent with Eli Lilly and Company as well as Glaxo Inc. where he held senior management positions.
Upon accepting his new role as Chairman, Mr. Franco commented, “DARA BioSciences exists due to the foresight and relentless efforts of Steve Gorlin. With the combined guidance of Steve and Tom D’Alonzo, the DARA Board of Directors was able to deliver excellent results for stockholders. For example, DARA has made two in-kind stock distributions to stockholders within the past two and a half years, which resulted from the successful implementation of the Company’s investment strategies and business model. One of those investments was in Medivation, Inc. (MDVN), which became a public company in 2005. Shares in Medivation were distributed to DARA stockholders in 2005.”
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. On October 10, 2007, DARA announced an agreement to merge with Point Therapeutics, Inc. and on October 17, announced the completion of an in-licensing transaction with Bayer Pharmaceuticals.
For more information please contact the Company at 919 -872-5578 or visit our web site at www.darabiosciences.com.
Please Note: This press release contains forward-looking statements regarding future events. These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include receipt of stockholder approvals with regard to the Point Therapeutics transaction and other risks that the transaction might not close, integration of the two companies, risks related to the potential lack of a liquid market for the combined company’s stock, reliance on key employees, risks of testing of drug candidates for proof of principle, risks of regulatory review and clinical trials, competition, market acceptance for approved products, if any, and intellectual property risks.
CONTACT: John C. Thomas, Jr., Chief Financial Officer, +1-919-872-5578, or
Lynn H. Morris, Sr. Manager, Investor Relations & Corporate Operations,
+1-919-872-5578
Web site: http://www.darabiosciences.com/
