Biotech Values

[Biowatch]

DARA Buying Point Therapeutics [So long POTP]
http://biz.yahoo.com/ap/071010/point_therapeutics_acquisition.html?.v=1

Wednesday October 10, 8:56 am ET
Biotechnology Company Point Therapeutics to Be Bought by DARA BioSciences

BOSTON (AP) -- Biotechnology company Point Therapeutics Inc. said Wednesday it is being bought by privately held DARA BioSciences for an undisclosed amount.

DARA shareholders will hold 96.4 percent of Point Therapeutics stock after the buyout. Point will change its name to DARA BioSciences Inc. The deal is expected to close during the first quarter of 2008.

The acquisition is intended to be a tax-free reorganization under Internal Revenue Code rules. The companies also expect the deal to be considered a "reverse merger" by Nasdaq, and DARA will file for initial listing on the exchange.

Point Therapeutics currently faces being delisted from the Nasdaq, because it does not meet the exchange's $1 minimum share price requirement.

Shares of Point Therapeutics gained 11 cents at 15 cents in premarket trading after closing at 4 cents Tuesday.