Dara BioSciences, a Raleigh drug commercialization company, said this week it has licensed an experimental diabetes medication to T3D Therapeutics, a brand-new Research Triangle Park startup, to be developed as a treatment for a different condition: Alzheimer's disease.
Dara, which has narrowly avoided getting booted from the NASDAQ exchange, is currently red-listed on the exchange's "financial status alert," and given until November to raise its share price to $1 or face potential delisting. As of Friday, Dara's stock closed at 56 cents as share; its shares are down 27 percent for the year.
Dara and T3D, which is privately held, have close ties. T3D's founder and CEO, John Didsbury, was Dara's chief scientific officer from 2005 to 2009 and is familiar with the Dara compound, called DB959, his company plans to take over.