Dara BioSciences (NASDAQ:DARA), which is developing drugs for Type 2 diabates and cancer-related pain, has avoided a delisting from the NASDAQ and raised enough money to operate for at least a year, the company stated Tuesday.
Dara, based in Raleigh, North Carolina, wanted to raise $4 million through a registered public offering. The company wound up raising $4.8 million. Proceeds will total about $4.3 million.
The News & Observer noted that Dara’s cash had dropped to $874,577 as of Sept. 30. Adding that money with the funds raised through the offering provides enough cash to operate for 12 months and meet NASDAQ’s requirements.
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Dara develops drugs and then sells them to larger pharmaceutical companies. One drug, which treats neuropathic pain in patients with cancer, recently completed a Phase 2 clinical trial and will begin another later this year. An oral Type 2 diabetes treatment will enter into its second Phase 1 trial in the next few months.