It has scooted from $2 to $6 on no news! This used to be Point Therapeutics - a firm with TWO EMPLOYEES AND A FAILED DRUG IN PHASE 3.... Now a reverse split and a strange name and WTF! I'd like to chalk this up to criminal behavior but look at the volume! What could be up here?~ stoney Struggling biotech Point Therapeutics Inc. and Dara BioSciences Inc. completed a reverse merger , eliminating Point Therapeutics as a company and making the integrated Dara publicly traded, officials say. Once the respective stockholders of Dara and Wellesley Hills-based Point approved the deal, and immediately prior to the consummation of the merger, Point effected a 40-to-1 reverse stock split of its common stock. Once the merger was completed, Raleigh, N.C.-based pharmaceutical company Dara became a wholly-owned subsidiary of Point, and Point changed its name to Dara BioSciences Inc. Dara's stockholders are expected to own 96.4 percent of Point Therapeutics' common stock. The merged firm will be based in Raleigh. The company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "DARA." Additionally, the board of directors and executive officers of Dara will lead the combined company. In July 2007, Point Therapeutics reported it had laid off chairman and CEO Donald Kiepert; CFO Richard Small; general counsel Michael Duffy; and chief scientific officer Barry Jones. At the time, a company spokeswoman said the firm was down to two full-time employees. The layoffs came after an independent panel advised to firm to stop its Phase 3 trials of drug talabostat as a treatment for advanced non-small cell lung cancer. Point Therapeutics reported a net loss for 2006 of $29.3 million on revenue of $440,000.
Near as I can tell two insiders bought on feb 22 9,000 shares and 10,200 then they went on to present at Roth (not sure you can do that) Apparently they said something good about a CLINICAL product.... a potential $61B diabetes drug for DARA . I'm drawing a lot of inferences here..... Purpose: DB160 is a highly potent and selective small molecule Dipeptidyl Peptidase-IV (DPP-IV) inhibitor. DPP-IV is an enzyme that inactivates GLP-1. GLP-1 is a key hormone that counteracts the four causative factors of high blood sugar: * increased glucose absorption from the gut, * increased glucose production in the liver, * decreased glucose uptake in fat and muscle, and * decreased insulin secretion. By blocking the activities of DPP-IV, the rapid breakdown of GLP-1 is diminished. This allows GLP-1 to remain active, improving blood sugar levels while maintaining a low risk of resultant hypoglycemia. Product Development: Our clinical candidate, DB160, is in pre-clinical development with an IND submission targeted for 2008. DB160 has a competitive product profile with early toxicology studies pointing to potential safety and pharmacokinetic advantages over competitor molecules. Once-a-day oral administration is expected. Viability: Clinical studies have indicated that orally-delivered DPP IV inhibitors reduce blood glucose and increase insulin sensitivity in Type 2 diabetic patients. In the U.S. alone DPP-IV inhibitor sales are projected to exceed $5.9B in 2020 [out of a $61B diabetes drug U.S. Market: WR Hambrecht & Co. estimates