DARA BioSciences, Inc. (NASDAQ: DARA), a specialty pharmaceutical company focused on oncology and oncology support products (the “Company”), announced today that on October 1, 2012, NASDAQ notified the Company that it has regained compliance Rule 5550(a)(2), which requires a minimum bid price of $1.00 for continued listing on the NASDAQ Stock Market (the “Minimum Bid Price Rule”).
The Company further announced that in light of the Company’s regaining compliance with the Minimum Bid Price Rule, the special meeting of stockholders that was scheduled to take place on November 8, 2012 to consider a reverse stock split proposal has been cancelled.
Commenting on the announcement, David J. Drutz, MD, DARA's chief executive officer, stated
Regaining compliance with NASDAQ’s minimum bid price rule is a significant achievement. Management will continue to pursue its objective of maximizing shareholder value with a goal toward becoming a leading oncology and oncology supportive care company in the United States. Our commercial plans are on target and we are excited about the planned launch of Soltamox
in October 2012 and Gelclair
in the first quarter of 2013."
About DARA BioSciences, Inc.
DARA is a specialty pharmaceutical company focused on the development and commercialization of oncology treatment and supportive care products. DARA has comprehensive commercial coverage across the national oncology market through a series of agreements with a number of specialty pharmacy providers, leading group purchasing organizations (GPOs), retail partners, reimbursement experts, and an industry-leading third-party logistics provider. As part of an integrated national network with annual sales of over $1 billion in cancer therapeutics, DARA has significant commercial scale and capabilities. Its distribution network consists of more than 45,000 retail pharmacies, mail order pharmacies, and long-term care facilities. This provides DARA with established reimbursement and logistics expertise, as well as partnering opportunities with more than 300 sales and marketing personnel uniquely focused on oncology and oncology support products. This comprehensive network of partners is rare if not unique among companies in the oncology supportive care area and provides DARA a strong foundation for product introductions into this underserved market.