DARA BioSciences and Bayer Pharmaceuticals Corporation Sign Exclusive License Agreement
RALEIGH, N.C. and WEST HAVEN, Conn., Oct. 17 -- DARA BioSciences, Inc. and Bayer Pharmaceuticals Corporation (BPC), a U.S. subsidiary of Bayer HealthCare AG signed a license agreement granting DARA BioSciences exclusive worldwide rights to a series of patents and compounds for the treatment of metabolic diseases, in particular type 2 diabetes and dyslipidemia. Lead compounds are in later preclinical development.
Under the terms of the agreement DARA BioSciences will develop and commercialize products while Bayer will receive an upfront payment, milestone payments and royalties during the development and commercialization. In addition, Bayer has certain rights to commercialize products emanating from this development program.
Richard A. Franco, Sr., President and Chief Executive Officer, stated, "DARA BioSciences' licensing-in of the Bayer technology demonstrates our commitment to exploring new alternatives in the treatment of metabolic diseases including diabetes. This transaction also demonstrates our continuing success in executing our strategy to identify new opportunities in order to expand and diversify our product portfolio. We look forward to the opportunity to work with Bayer."
The WHO estimates that globally over 170 million people have diabetes. Type 2 diabetes accounts for 90% to 95% of all cases of diabetes. Worldwide the costs associated with treating diabetes and its complications are estimated to exceed $200 billion a year. By 2030 the prevalence of diabetes is predicted to double, driven by adverse lifestyle changes which have seen an explosion in the incidence of obesity, a risk factor for type 2 diabetes. Worldwide, diabetes is a huge and growing problem for which new treatments are needed.
About Bayer HealthCare
The Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare, a subsidiary of Bayer AG, is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Diabetes Care and Pharmaceuticals divisions. Bayer HealthCare's aim is to discover and manufacture products that will improve human and animal health worldwide. Find more information at www.bayerhealthcare.com.
About DARA BioSciences, Inc.
DARA BioSciences(TM), Inc. ("DARA") is a Raleigh, North Carolina-based development-stage pharmaceutical company that acquires promising therapeutic molecules and medical technologies directly or through investment in established companies. DARA focuses its therapeutic development efforts on small molecules from late preclinical development through phase 2 clinical trials. DARA is developing a portfolio of therapeutic candidates for neuropathic pain, metabolic diseases including type 2 diabetes, and dermatological disorders. On October 10, 2007, DARA announced an agreement to merge with Point Therapeutics, Inc. .
For more information please contact DARA at 919-872-5578 or visit our web site at www.darabiosciences.com.
Please Note: This press release contains forward-looking statements regarding future events. These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include risks of testing of drugs for proof of principle, risks of regulatory review and clinical trials, competition, market acceptance for approved products, if any, and intellectual property risks.