Aerpio Pharmaceuticals announced that its Board of Directors has initiated a process to explore and review a range of strategic alternatives focused on maximizing stockholder value from the company’s clinical assets and cash resources, which amounted to $48.2 million as of June 30, 2019. The Board is exploring the potential for an acquisition, company sale, merger, business combination, asset sale, in-license, out-license or other strategic transaction.
In addition, Aerpio has engaged Evercore, Ladenburg Thalmann & Co. and Duane Nash, MD, JD, MBA, to act as strategic advisors for this process. There can be no assurance that this exploration of strategic alternatives will result in the company entering or completing any transaction. Aerpio does not intend to make any further disclosures regarding the strategic review process unless and until a specific course of action is approved.
In parallel with this strategic review, the company also intends to streamline operations in order to preserve its capital and cash resources. Going forward, the management team will be led by Joseph Gardner, PhD, the Company’s current President, with Gina Marek, the company’s Vice President of Finance, continuing in her position. Stephen J. Hoffman, MD, PhD, and Michael W. Rogers, the company’s Chief Executive Officer and Chief Financial Officer, respectively, have transitioned from their roles, and Dr. Hoffman has resigned from his position on the Board.