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Form 8-K for DARA BIOSCIENCES, INC.
30-Dec-2010
Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement.
On December 29, 2010, DARA BioSciences, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain investors providing for the purchase of units consisting of 4,800 shares of Series A convertible preferred stock (which are convertible into a total of 1,920,000 shares of common stock), Class A Warrants to purchase 960,000 shares of common stock and Class B Warrants to purchase a total of 960,000 shares of common stock for an aggregate gross purchase price of $4,800,000. Richard A. Franco Sr., the Company's President and CEO, agreed to purchase 200 of the units, for a purchase price of $200,000, under the Purchase Agreement. The closing of the sale of units under the Purchase Agreement took place on December 30, 2010.
Estimated net proceeds after payment of placement agent fees and other offering expenses are approximately $4.3 million. The net proceeds received by the Company from the offering will be used for the ongoing development of its lead candidates and for working capital and general corporate purposes. With cash on hand plus these proceeds the Company believes it has sufficient capital to operate effectively over the next 12 months.
Shares of Series A preferred stock have a liquidation preference equal to $1000 per share and, subject to certain ownership limitations, are convertible at any time at the option of the holder into shares of Company common stock at a conversion price of $2.50 per share.
Class A Warrants are exercisable immediately after the date of issuance and expire five years after the date of issuance. Class A Warrants will entitle the holder to purchase shares of common stock for an exercise price equal to $2.50.
Class B Warrants are exercisable immediately after the date of issuance and expire one year after the date of issuance. Class B Warrants will entitle the holder to purchase shares of common stock for an exercise price equal to $2.50.
In connection with the Offering, on December 29, 2010, the Company entered into a Placement Agent Agreement with Ladenburg Thalmann & Co. Inc. (the "Placement Agent"), pursuant to which the Placement Agent agreed to act as the Company's exclusive placement agent for the offering. The Placement Agent did not purchase or sell any units, nor is it required to arrange the purchase or sale of any minimum number or dollar amount of units. The Placement Agent agreed to use its best efforts to arrange for the sale of all of the units being offered in the offering.
On August 18, 2010, the Company received a notification letter from the Listing Qualifications Staff of The NASDAQ Stock Market LLC that based on the Company's Form 10-Q for the period ended June 30, 2010, it no longer maintained the minimum $2,500,000 stockholders' equity required for continued listing on The NASDAQ Capital Market under Marketplace Rule 5550(b)(1).
As a result of the completion of the Offering described above and the sale of units described in the Current Report on Form 8-K filed by the Company with the SEC on October 26,2010, the Company believes it has regained compliance with the minimum stockholders' equity requirement. As of November 30, 2010, the Company's total stockholders' equity was approximately $1.4 million. Taking into account the net proceeds from these transactions after payment of the Placement Agent's fees and other offering expenses, the Company's total stockholders' equity as of November 30, 2010 would have been approximately $5.6 million.
http://biz.yahoo.com/e/101230/dara8-k.html
DARA BioSciences KRN5500 Reduces Allodynia in Patients With Neuropathic Pain
Company Expands Its Worldwide Patent Portfolio
Press Release Source: DARA BioSciences, Inc. On Tuesday December 14, 2010, 9:00 am EST
RALEIGH, N.C., Dec. 14, 2010 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA - News) announced today additional positive results from its successfully completed KRN5500 Phase 2a Clinical Study for treatment of neuropathic pain in patients with cancer. Statistically significant primary endpoint results were released earlier.
More than 80% of patients in this clinical study had allodynia, which is an abnormal pain response to normally non-painful stimuli, such as light touch or temperature changes. Even the light pressure of clothing against the skin or a cold breeze can cause severe pain in patients with neuropathic pain. Clinicians conducted 2 weekly examinations to determine if KRN5500 was effective in reducing allodynia. For both tests, patients rated their pain on a Numeric Rating Scale of 1 to 10 (1 = no pain/10 = worst pain imaginable), both before the targeted area was stimulated and right afterward.
The KRN5500 treatment group showed a larger median decrease in pain associated with both touch and cold (both touch and cold 33%) compared to placebo (0 and 8%, respectively).
DARA also announced that over the past 12 months, it has expanded its patent portfolio by 11 US and Foreign granted patents. Today, DARA has a portfolio of over 80 granted patents worldwide further strengthening its intellectual property position.
About KRN5500 and Neuropathic Pain
KRN5500 is a novel non-opioid analgesic agent, a semi-synthetic derivative of spicamycin:(6-[4-Deoxy-4-[(2E,4E)-tetradecadienoylglycyl]amino-L-glycero-beta-L-manno-heptopyranosyl]amino-9H-purine).
Neuropathic pain has multiple etiologies, including direct nerve trauma, infectious disease (e.g., herpes zoster), metabolic disease (e.g., diabetes) and drug-induced neuropathies (e.g., chemotherapy). Chronic neuropathic pain is characterized by an abnormal hypersensitivity to innocuous as well as noxious stimuli, and often persists after initial tissue damage and inflammation appear to have healed. Painful neuropathy is more commonly caused by non-traumatic conditions than by direct nerve trauma. Prevalence of neuropathic pain in patients that have been treated for cancer is reported to be in the range of 40%. Neuropathic pain in this population has multiple etiologies, including side effects from cancer treatments. Chemotherapy-induced Peripheral Neuropathy is the most common cause of neuropathic pain in patients with cancer, and in particular, for those patients receiving multi-agent chemotherapy. Clinically, neuropathic pain is difficult to manage and can have a profound impact on quality of life. Although this type of pain sometimes responds well to standard analgesic treatments, currently approved therapeutic agents can have intolerable side effects that prevent reaching the most effective dose. Thus, there is continued need to develop safe and more effective drugs to treat chronic neuropathic pain.
http://finance.yahoo.com/news/DARA-BioSciences-KRN5500-pz-96063194.html?x=0&.v=1
DARA BioSciences Announces Successful Completion of a Phase I Clinical Study of DB959 for the Treatment of Type 2 Diabetes
RALEIGH, N.C., Nov. 4, 2010 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA - News) announced that it has successfully completed a Phase I clinical study for DB959, its PPAR (peroxisome proliferator activated receptor) delta/gamma agonist, an oral drug in development for the treatment of Type 2 Diabetes. This study's main objectives were to determine the safety and pharmacokinetics of single ascending oral doses of DB959Na. Overall, the safety of DB959Na was comparable to placebo with no reports of moderate, severe, or serious adverse events in any subjects in the study. Results of pharmacokinetic measurements indicate that the compound is likely to meet the target dosing regimen of once a day, thus meeting an important goal for the program.
The study was a randomized, placebo-controlled, double-blind, escalating single dose study and enrolled 76 healthy male and female volunteers at Quintiles' Phase 1 facility in Overland Park, Kansas. Dose escalation covered a 100-fold range in dose. The company plans to present detailed results at an upcoming scientific meeting in the first half of 2011.
As presented earlier, results of preclinical studies demonstrated that DB959 controlled glucose while raising HDL and the HDL:LDL ratio and lowering triglycerides. These beneficial effects on glucose and lipids were observed without causing the weight gain which is seen with other PPAR agonists. Given the positive results seen in this clinical trial, the company plans to initiate a multiple ascending dose trial in the first half of 2011.
Steve Grossman, MD, Medical Consultant to DARA, said, "We have gained a considerable amount of valuable information from this trial, including detailed pharmacokinetic information to help guide future studies. In addition, our observation that these subjects tolerated a 100-fold range in doses of DB959Na with no moderate, severe, or serious adverse events suggests a very good safety profile."
Richard A. Franco, CEO of DARA, said, "We are very excited by the results of this clinical study of DB959, which is now DARA's second drug candidate to be in clinical development from our pipeline. This human clinical trial supports the earlier nonclinical results which suggested a good safety profile. These data will help advance our goal of providing patients with a product that offers unique advantages over current approaches to addressing Type 2 Diabetes. These advantages include the potential for controlling dyslipidemia and an improved safety profile."
About DB959
DB959 regulates certain nuclear receptors (peroxisome proliferator-activated receptors, PPARs) that regulate the genes involved in controlling blood sugar levels and certain lipids (e.g. total cholesterol, HDL-cholesterol, triglycerides). The compound acts as an agonist of PPAR delta and PPAR gamma.
http://finance.yahoo.com/news/DARA-BioSciences-Announces-pz-2538265080.html?x=0&.v=1
CPSL trying to go to highs 2.00$
14.05$ congrats, its going fast. looking into that play. tx
DARA 3.25$ in upswing nice. bad news is gone for the moment.
CPSL 1.93$ DARA 3.08$
DARA 400k shares buy at 2.71$
12.29.2010 3.25pm
PUDA would love to see a cross on the long term MACD lines.
GAP close 14.50$?
Wedbush Puts Out a Bullish Piece on XOMA After Recent Share Sales, Sees 135% Upside
"Wedbush maintains their Outperform rating and $12 price target on XOMA, which suggests 135% upside from yesterday's close of $5.10"
http://www.streetinsider.com/Analyst+Comments/Wedbush+Puts+Out+a+Bullish+Piece+on+XOMA+After+Recent+Share+Sales,+Sees+135%25+Upside/6186189.html
i had trouble buying CHGS my order never got filled??!! so i switched to XOMA now...
XOMA 5.75$ is key to stay above. moving niceley so far...
watching CHGS and XING = bluesky breakout wowzers
CVM 1$
CEL-SCI Commences Phase III Clinical Trial in Head and Neck Cancer
VIENNA, Va.--(BUSINESS WIRE)--CEL-SCI Corporation (NYSE AMEX: CVM) announced today that it has commenced its Phase III clinical trial for Multikine®, the Company’s flagship immunotherapy. CEL-SCI has now completed all of the manufacturing and regulatory requirements to begin enrollment of the study. The goal of this study is to establish Multikine as a first-line standard of care therapy in treating newly diagnosed head and neck cancer patients. The trial is believed to be the largest head and neck cancer study ever conducted and is called “IT-MATTERS”, an acronym for: Immunotherapy Multikine Anti Tumor Treatments.
“We are very excited to begin this pivotal study”
The Company expects to enroll approximately 880 patients at about 48 clinical centers in 9 countries (USA, Canada, Hungary, Poland, Ukraine, Russia, India, Israel and Taiwan) in the IT-MATTERS trial. CEL-SCI’s partners Teva Pharmaceuticals and Orient Europharma will conduct parts of the Phase III study in Israel and Taiwan respectively. All study sites, including those in Israel and Taiwan, are under the control of CEL-SCI’s global Clinical Research Organization. The trial is open label, randomized, controlled and patients are prospectively stratified.
“We are very excited to begin this pivotal study,” said Geert Kersten, Chief Executive Officer of CEL-SCI. “Our team believes that all of the necessary measures have been taken to maximize the probability of a successful outcome for the study.”
XOMA 5.03$ RPRX 3.73$
ANPI 0.48$ ???
thank you :)
hopefully, to be honest i dont know.
added some stocks to the watchlist sir.
RPRX DARA BPAX XOMA CAPS RPC ACAD ACTC OPXA SPEX SNSS ANDS CBRX
DARA 3.99$ = XOMA2??
pleeease!!!!!
DARA 4.09$ looking good again..
lol cant belive. sold RPRX and DARA for profit. damn!!!!!
sometimes things go fast.
DARA 4.05$ i just hope no fake stuff with dilution the next day or so.
adedd 500 shares DARA at 3.49$. lets see
looks LIKE!!!! DARA 3.45$
DARA .3.43$ keep a good, good eye on this one!
DARA 3.12$
indeed RPRX 4.18$ going to take some time to get a new 52 week high.
News just popped aswell. but im ready to take profits whenever.
GLTA
http://www.businesswire.com/news/home/20101227005081/en/Vaginal-Delivery-Repros%E2%80%99%C2%AE-Proellex%C2%AE-Bypasses-Pass-Liver
RPRX let me sell at 5.20$
added RPRX 3.70$ going for 4$. lets see...
looking forward to it. :) tx and have a good start.
Auriga Analysts Begin Coverage on Power-One, Inc. (NASDAQ: PWER)
December 24th, 2010 • Related • Filed Under • by admin
Filed Under: Stock Market News
Auriga research analysts began coverage for shares of Power-One, Inc. (NASDAQ: PWER) in a research note issued to investors on Tuesday. They set a “buy” rating and a $14.00 price target on the company’s stock.
Power-One, Inc. (NASDAQ: PWER)’s stock traded up 0.26% on Friday, hitting $10.70. Power-One, Inc. has a 52 week range of $3.02 to $13.04. The stock’s 50-day moving average is $9.92 and its 200-day moving average is $9.67. Analysts predict on average that Power-One, Inc. will post $0.31 earnings per share next quarter. The company has a market cap of $1.141 billion and a P/E (price-to-earnings ratio) of 14.91.
http://www.americanconsumernews.com/2010/12/auriga-analysts-begin-coverage-on-power-one-inc-nasdaq-pwer.html
PWER 10.70$, target 13$. MACD needs to hook up.
merry x-mas to you and yours, and to the whole orions team.
yeeey.
sold XOMA finally at 6.54 and 7.27$ after rentering at 5.79$ and 6.54$.
wow! i had my wildest ride since in a long time. this is the perfect stock to learn my new tradingstation.
merry x-mas
stockfreak
RPRX 2.11$
sold XOMA at the 200 day line for profit.
XOMA, 200 day MA is at 5.75$ on the daily chart. possible target?
this is so hard. glad i start my new trading station with this stock.
wow. merry x-mas!
XOMA target 5$? 1.15h left trading.
XOMA 4.20$ trading is insane. wow