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news.Dara BioSciences and Point Therapeutics have announced the consummation of their merger transaction, effective as of the close of business on February 12, 2008.
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Upon consummation of the merger, Dara became a wholly-owned subsidiary of Point, and Point changed its name to Dara BioSciences. Additionally, the board of directors and executive officers of Dara will lead the combined company.
The merger was completed after approval by the respective stockholders of Dara and Point. As a result of the merger, Dara stockholders will receive 1.031406 shares of Point common stock for each share of Dara common stock and preferred stock held immediately prior to the transaction.