DARA BioSciences Names Stephen Jaeger to Board
RALEIGH, N.C.--(BUSINESS WIRE)-- DARA BioSciences, Inc. (DARA) announced today the appointment of Stephen O. Jaeger to the DARA board of directors. Mr. Jaeger has served on the boards of a variety of private and public companies across the biopharmaceutical, medical, financial and other industries. Steve is a thorough professional with extensive operating experience and a deep understanding of public companies, particularly in the area of pharmaceuticals and biotechnology, said Dr. David J. Drutz, DARAs chief executive officer. His strategic, managerial and financial skills combined with his knowledge regarding specialty products will be of paramount importance as we grow our business. We look forward to Steves involvement as we prepare for the upcoming launch of Soltamox®. Furthermore, Steves contacts and experience will be invaluable as the company executes on its plan to continue building its sales and marketing pipeline.
DARA BioSciences focuses on oncology treatment and supportive care products. In June 2012, the company launched its first product, Bionect®, a topical treatment for skin irritation and burns associated with radiation therapy. Its portfolio also includes KRN5500, a novel therapy under development for the treatment of neuropathic pain in patients with cancer, a condition with no current adequate therapy.
About Stephen Jaeger
Mr. Jaeger has more than 35 years of experience across a range of industries, including tenure at companies in the healthcare sector. He has served as director on boards including Savient Pharmaceuticals, Arlington Tankers LTD, eBT International Inc., Clinical Communications Group (a medical education company) and Hougton Mifflin. Mr. Jaeger also formerly served as chief executive officer of eBT International Inc.; and chief financial officer of Clinical Communications Group, Houghton Mifflin and Applera (a life sciences and instrument company).
About DARA BioSciences, Inc.
DARA is a specialty pharmaceutical company focused on the development and commercialization of oncology treatment and supportive care products. DARA sharpened its focus in oncology through its January 2012 acquisition of Oncogenerix, Inc., which holds the exclusive U.S. marketing rights to Soltamox®. Soltamox is a novel oral liquid formulation of tamoxifen, a product used widely in the treatment and prevention of breast cancer. Soltamox is the only FDA approved oral liquid version of tamoxifen and fulfills a vital clinical need for patients who cannot tolerate existing tablet formulations of this drug. DARA plans to begin marketing Soltamox in the U.S. later this year. Additionally, in June 2012 DARA launched its first product, Bionect®, a topical treatment for skin irritation and burns associated with radiation therapy.
Prior to acquiring Oncogenerix, DARA was focused on the development of a cancer-support therapeutic compound, KRN5500, for the treatment of neuropathic pain in patients with cancer. This product is an excellent fit with DARAs strategic oncology focus, has successfully completed a Phase IIa study, and has been designated as a Fast Track Drug by the United States Food and Drug Administration. We are working with the National Cancer Institute (NCI) to design an additional clinical trial under joint DARA-NCI auspices while considering further internal Phase 2 development.
In addition to its oncology products, DARAs pipeline includes DB959, a novel, non-TZD dual delta/gamma, PPAR agonist for the treatment of type 2 diabetes and dyslipidemia. DARA has completed Phase I testing of DB959 and is presently pursuing opportunities to out-license this product.
DARA also has rights to other PPAR and DPPIV-inhibitor compounds for which it intends to seek out-licensing or partnering opportunities.
For more information please visit our web site at www.darabio.com.
Safe Harbor Statement
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 DARA's ability to timely commercialize and generate revenues or profits from Bionect®, Soltamox® or other products given that DARA only recently hired its initial sales force and DARA's lack of history as a revenue-generating company, FDA and other regulatory risks relating to DARA's ability to market Bionect, Soltamoxor other products in the U.S. or elsewhere, DARA's ability to develop and bring new products to market as anticipated, DARA's current cash position and its need to raise additional capital in order to be able to continue to fund its operations, 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 and the intellectual property of others, the potential delisting of DARA's common stock from the NASDAQ Capital Market, risks and uncertainties relating to DARA's ability to successfully integrate Oncogenerix and other risk factors identified in the documents DARA has filed, or will file, with the Securities and Exchange Commission ("SEC"). 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.
For DARA BioSciences, Inc.
Fountain Square Communications LLC
Jack Domeischel, 516-480-8813
Source: DARA BioSciences, Inc.Copyright Business Wire 2012