RALEIGH, N.C., Oct. 12, 2009 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA), a development-stage biopharmaceutical company, announced today that the Company has entered into an Addendum and First Amendment to Material Transfer Agreement with America Stem Cell, Inc. (ASC), pursuant to which the Material Transfer Agreement between the Company and ASC dated March 24, 2008 was amended. Under the Material Transfer Agreement, the Company is providing ASC with dipeptidylpeptidase (DPPIV) inhibitors from its proprietary library which ASC is using to further its research and development program related to hematopoietic stem cell (HSC) transplants.
Under the Material Transfer Agreement as amended, ASC is required to pay the Company a total of $250,000, in four equal installments over approximately three years, contingent upon ASC's receipt of a specified amount of grant funding for its HSC research and development program.
About America Stem Cell, Inc.
America Stem Cell, Inc. ("ASC") is a privately held biotechnology company based in Texas, and is dedicated to the development and commercialization of enabling technologies to enhance and expand the therapeutic potential of stem cells. The Company possesses two key technology platforms -- ASC-101 and ASC-201 -- that are designed to improve the engraftment of stem cells to target organs and increase their therapeutic potential. Web site: http://www.americastemcell.com.
About DARA BioSciences, Inc.
DARA BioSciences, Inc. is a Raleigh, North Carolina based development-stage pharmaceutical company that acquires promising therapeutic small molecules and develops them through proof of concept in humans for subsequent sale or out-licensing to larger pharmaceutical companies. Presently DARA has two drug candidates with cleared IND's (Investigational New Drug) Applications from the U.S. FDA. One of these drug candidates KRN5500 has successfully completed a Phase 2a clinical trial treating cancer patients for neuropathic pain. It has a portfolio of drug candidates for neuropathic pain, type 2 diabetes, and psoriasis. For more information please contact the Company at 919-872-5578 or visit our web site at http://www.darabio.com.
All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are subject to factors that could cause actual results to differ materially for DARA from those projected. Those factors include risks and uncertainties, in addition to the risks that the offering described in this release will not close when anticipated or at all, relating to DARA's current cash position and its need to raise additional capital in the near term in order to be able to continue to fund its operations, risks and uncertainties relating to the potential delisting of DARA's common stock from the NASDAQ Capital Market, risks and uncertainties relating to DARA's ability to develop and bring new products to market as anticipated, the current regulatory environment in which the company develops and sells its products, the market acceptance of those products, dependence on partners, successful performance under collaborative and other commercial agreements, competition, the strength of DARA's intellectual property, the intellectual property of others, and other risk factors identified in the documents DARA has filed, or will file, with the Securities and Exchange Commission ("SEC"). Copies of DARA's filings with the SEC may be obtained from the SEC Internet site at http://www.sec.gov. DARA expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in DARA's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based. DARA BioSciences and the DARA logo are trademarks of DARA BioSciences, Inc.