DARA Biosciences Surges after Acquisition of Soltamox Rights
Shares of DARA Biosciences (NASDAQ: DARA) are seeing much strength during Tuesday's trading session after the company announced it acquired the US marketing rights to Soltamox.
DARA Biosciences acquired exclusive U.S. rights to sell Soltamox, a liquid formulation of tamoxifen for the treatment of breast cancer, through the acquisition of South Carolina-based specialty pharmaceutical company, Oncogenerix.
Dr. David J. Drutz, DARA's President and Chief Executive Officer, stated: "The acquisition of Oncogenerix, and the rights to Soltamox, leverage DARA's existing cancer drug development program, provide DARA with the possibility of generating revenue in 2012, and establish a platform whereby other cancer and cancer-support products may be accessed in the future through pending Oncogenerix licensing efforts. We believe there is considerable upside potential in the markets for oral liquid formulations of other FDA approved products as well as sterile injectable cytotoxics. We also believe Chris and his talented team will prove to be excellent additions to DARA and important contributors to our growth as a company."
Currently, shares of DARA Biosciences are trading about 21% higher at $1.60.
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