Dara Biosciences, which recently completed a $10.25 million sale of preferred stock, reported that it has regained compliance with NASDAQ's listing requirements.
The small, Raleigh-based drug-development company was notified by NASDAQ in November that it didn't meet the minimum requirement for shareholders' equity and could be delisted. But Dara reported Tuesday that NASDAQ has ruled that the company is back in compliance in the wake of its stock offering.
Dara plans to use the funds to to launch two products approved by the Food and Drug Administration: Soltamox, a liquid version of the breast cancer drug tamoxifen, and Bionect, a treatment for skin damage caused by radiation and chemotherapy.
Dara, which currently has no products on the market, obtained the drugs as part of an acquisition strategy instituted by new CEO David Drutz, who took over after Richard Franco retired as chief executive in December.
Dara shares were trading at 93 cents, up 5 cents, mid-day Tuesday. The company's shares have fallen 25 percent this year.