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BioHealth InvestorBioHealth Investor (BHI) is a blog and journal focused on providing updated commentary and financial news from the biotech and medical technology industry. BHI's content is featured on Yahoo!Finance, Google Finance, TheStreet.com, SeekingAlpha.com and many other blogs and websites. BHI is also a proud member of The Business of Biotech Network, and the Investors Blog Network. |
Point Therapeutics Skyrockets Following Merger With Dara
Posted on 10/10/2007 18:54 PM | Link | Post Comment
by H.S. Ayoub, DMD
BioHealth Investor
Point Therapeutics (POTP) jumped from a close of just over $0.04 a share on Tuesday to an intra-day high of $0.45 following news that privately held DARA Biosciences will take over the unsuccessful biotech in a reverse merger. The stock ended trading at $0.26, however, post-bell trading has it back up to $0.33
By reverse merging with Point DARA becomes a publically traded company, by-passing the extra costs and waiting period of filing for an IPO.
Point Therapeutics was trading for pennies following failure of its phase 3 clinicals for a lung cancer treatment earlier this year. DARA acquires the company along with its pipeline.
Watch shares of POTP tomorrow morning as it will sure be another wild open.
BioHealth Investor.com
________________________
BioHealth Investor
Point Therapeutics (POTP) jumped from a close of just over $0.04 a share on Tuesday to an intra-day high of $0.45 following news that privately held DARA Biosciences will take over the unsuccessful biotech in a reverse merger. The stock ended trading at $0.26, however, post-bell trading has it back up to $0.33
By reverse merging with Point DARA becomes a publically traded company, by-passing the extra costs and waiting period of filing for an IPO.
Point Therapeutics was trading for pennies following failure of its phase 3 clinicals for a lung cancer treatment earlier this year. DARA acquires the company along with its pipeline.
Watch shares of POTP tomorrow morning as it will sure be another wild open.
BioHealth Investor.com
________________________
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