DARA BioSciences (NASDAQ:DARA) is looking for a new CEO.
Current CEO Richard Franco will retire from his posts as chairman, president and CEO of the Raleigh, North Carolina biotechnology company effective Dec. 16. DARA said that Dr. David Drutz, a member of the company’s board of directors, will serve as interim CEO. Franco notified the company of his plans on Dec. 5. In a regulatory filing, DARA said that Franco’s retirement decision is “not due to any disagreement with the company on any matter relating to the company’s operations, policies or practices.”
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Franco has more than 35 years of life sciences industry experience. Before joining DARA, he was CEO of Raleigh diagnostics company LipoScience, which he co-founded. He had also previously served as CEO of Durham, North Carolina AIDS drug company Trimeris. He also worked at Glaxo Inc., now GlaxoSmithKline (NYSE:GSK) and Eli Lilly (NYSE:LLY).
The management changes at DARA come as the company works to regain compliance with NASDAQ listing requirements. The U.S. Securities and Exchange Commission on Nov. 23 notified DARA that the company did not have the minimum $2.5 million stockholders’ equity required for a listing. Under NASDAQ rules, a company has 45 days from the notification to submit a compliance plan.
DARA does not yet have any drugs approved by the U.S. Food and Drug Administration. The company has two clinical stage compounds. KRN5500 is in phase 2 clinical trials as an experimental treatment for neuropathic pain caused by chemotherapy. The FDA has granted fast-track status to KRN5500, whose clinical studies are being funded by the National Cancer Institute. Another compound, DB959, being studied as a potential type 2 diabetes drug, is set to advance into phase 2 clinical trials.
Photo from Flickr user stevendepolo
