DARA BioSciences Filed 2010 Annual Report and Issues Overview and also Initiated a Phase Ib Clinical Study of DB959 for the Treatment of Type 2 Diabetes.
DARA BioSciences, Inc. (Nasdaq:DARA) has highlighted a number of achievements disclosed in the Company's 2010 annual report that was filed with the Securities & Exchange Commission (SEC) on March 25, 2011 and provides an overview. For the year ending December 31, 2010, the Company received approximately $8.4 million in cash and funding commitments to continue the clinical development of its two leading drug candidates that have the potential to help people with neuropathic pain and those with diabetes. As a result of the capital raised during 2010, the Company believes it has sufficient cash to achieve the next series of key milestones during 2011.
DARA's two leading drug candidates have been successfully studied in clinical trials, and DARA is preparing for additional clinical studies during the first half 2011. Selected 2010 highlights include:
- Announcement of a Clinical Trial Collaboration Agreement with the Symptom Management & Drug Development, Community Oncology & Prevention Trials Group, Division of Cancer Prevention; National Cancer Institute (NCI) to advance the clinical study of KRN5500;
Cleantech Transit Inc. (OTCBB:CLNO) declared that funding to be provided to Phoenix Energy for the commercialization of a 500 Kilowatt biomass gasification plant should be eligible to apply for a renewable energy cash back incentive program offered by the U.S. Federal Government. If it concludes its planned investment in Phoenix Energy, under Section 1603 of the American Reinvestment and Recovery Act, Cleantech Transit will be entitled to receive its pro-rata share of 30% cash grant payments. Once the final interconnect process and application are complete the grant should be received within 60 days. The 5-year grant vesting period, means all parties must remain owner of record for that length of time, underscoring Cleantech and its partners' commitment to this project and the host community.
The U.S. Treasury's cash grant program was created to provide funding, in lieu of tax credits, for the development of clean energy projects and clean tech jobs nationwide. The Merced facility has already employed several individuals, both for the construction phase and subsequent plant operations once in service. As previously announced, the full commercial operation of the first plant is expected to be completed during the second quarter of 2011.