Dara BioSciences posts 1Q loss as it runs short on cash

Posted by David Bracken on May 13, 2014 

Dara BioSciences reported late Monday a net loss in the first quarter as the Raleigh company said it has only enough money to fund operations through the third quarter of this year.

Dara reported a net loss of $2.66 million, or 37 cents per share, compared to a net loss of $2.52 million, or 55 cents per share, during the first quarter of 2013.

The company had revenue of $161.5 million in the first quarter, compared to $21.2 million during the same period last year.

As of March 31, the Dara had $6.838 million in cash.

“We remain committed to raising the necessary capital to effectively operate and continue to drive the positive momentum of our corporate growth strategy,” CEO David Drutz said in a statement.

Dara raised $6 million in the first quarter through a sale of stock and warrants.

The company has two products on the market: Soltamox, an oral liquid formulation used in the treatment and prevention of breast cancer, and Bionect, a topical treatment for skin irritation and burns caused by radiation. Dara also has exclusive U.S. commercial rights to market and sell Gelclair for the treatment of oral mucositis, or swelling and bleeding of the mouth and gums.

Dara is also developing a treatment of chemotherapy-induced peripheral neuropathy in cancer patients.

Dara shares closed Monday at $1.34. The stock is down 50 percent this year.

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