DARA BioSciences Files 2010 Annual Report and Issues Overview!
DARA BioSciences Initiates a Phase Ib Clinical Study of DB959 for the Treatment of Type 2 Diabetes.
DARA BioSciences, Inc. (Nasdaq:DARA) a clinical biopharmaceutical drug development company, highlights a number of achievements disclosed in the Company’s 2010 annual report that was filed with the Securities & Exchange Commission (SEC) on March 25, 2011 and provides an overview. For the year ending December 31, 2010, the Company received approximately $8.4 million in cash and funding commitments to continue the clinical development of its two leading drug candidates that have the potential to help people with neuropathic pain and those with diabetes. As a result of the capital raised during 2010, the Company believes it has sufficient cash to achieve the next series of key milestones during 2011.
DARA‘s two leading drug candidates have been successfully studied in clinical trials, and DARA is preparing for additional clinical studies during the first half 2011. Selected 2010 highlights include:
* Announcement of a Clinical Trial Collaboration Agreement with the Symptom Management & Drug Development, Community Oncology & Prevention Trials Group, Division of Cancer Prevention; National Cancer Institute (NCI) to advance the clinical study of KRN5500;
* Completion of a successful Phase 1a clinical study for DB959 program;
* Enhancement of patent portfolio to 88 granted patents and 60 pending applications (US and foreign);
* Receipt of equity investments in excess of $7.9 million, with CEO Richard A Franco Sr. personally investing approximately $350,000; and,
* Receipt of approximately $500,000 in grant awards.
Previously, DARA has initiated a Phase Ib 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. “The promising and exciting results from the Phase Ia study and the pre-clinical studies prompted us to initiate this clinical study as soon as possible,” said Mary Kay Delmedico, Ph.D., Director of Drug Development and Portfolio Management at DARA. This study’s main objectives are to determine the safety and pharmacokinetics of multiple ascending oral doses of DB959Na in both male and female subjects. The Company expects to report the results of the study during Q3 2011.
DARA BioSciences, Inc. is a clinical biopharmaceutical development company that acquires promising therapeutic candidates and develops them through proof of concept (pre-phase III) in humans for subsequent sale or out-licensing to larger pharmaceutical companies. Presently DARA has two drug candidates with cleared IND (Investigational New Drug) Applications from the United States FDA advancing through clinical development:
1. KRN5500 for the treatment of neuropathic pain – successfully completed a Phase II study and plans to initiate a second Phase II study (Q2 2011) in conjunction with the National Cancer Institute focusing on the treatment of chemotherapy induced peripheral neuropathy (CIPN).
2. DB959 for the treatment of type 2 diabetes – successfully completed a Phase Ia study and has initiated a Phase Ib study (Q1 2011).
More about DARA at: www.darabiosciences.com
Cleantech Transit Inc. (“Cleantech”) (OTCBB:CLNO) was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects that can maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (phoenixenergy.net). This project can generate shareholder returns as well benefit the Company’s manufacturing clients worldwide.
CLNO has announced that funding to be provided to Phoenix Energy for the commercialization of a 500 Kilowatt biomass gasification plant should be eligible to apply for a renewable energy cash back incentive program offered by the U.S. Federal Government. If it concludes its planned investment in Phoenix Energy, under Section 1603 of the American Reinvestment and Recovery Act, Cleantech Transit will be entitled to receive its pro-rata share of 30% cash grant payments. Once the final interconnect process and application are complete the grant should be received within 60 days. The 5-year grant vesting period, means all parties must remain owner of record for that length of time, underscoring Cleantech and its partners’ commitment to this project and the host community.
As previously announced, the full commercial operation of the first plant is expected to be completed during the second quarter of 2011.
Biomass, which can be understood as regenerative (renewable) organic material that can be used to produce energy is one of the most abundant resources in the world.
By definition, it is the mass of living or recently dead plants and animals, along with their wastes.
This means that there is not a single square centimeter of Earth that does not contain some form of biomass that could be converted to energy.
More about CLNO at: www.cleantechtransitinc.com
City National Corporation (NYSE:CYN) reported that its wholly owned subsidiary, City National Bank, has acquired substantially all of the assets and deposits of Las Vegas-based Nevada Commerce Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC).
German American Bancorp, Inc. (Nasdaq:GABC) reported that Dave Mitchell, Alvin Basham, Donna Sholtis, Janet Esser, Patti Evans, and Brandy Garrett have joined German American’s Trust Team serving the wealth management needs of individuals and businesses in the metropolitan Evansville market
Adept Technology, Inc. (Nasdaq:ADEP), the leading provider of intelligent vision-guided robotics and global robotics services, reported that they will be participating in three events across the United States next week in conjunction with the second annual National Robotics Week from April 9-17, 2011.
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