Neurosearch A/S said it is looking to either liquidate or sell the company's remaining assets.
The company said it will voluntarily liquidate all assets and distribute net proceeds to shareholders in the 2018 annual shareholder meeting if it does not receive a satisfactory bid.
The company said it met most of its divestment and liquidation objectives as per its 2016 annual report.
On July 4, Saniona AB (publ) bought NeuroSearch's remaining interests in certain preclinical and clinical assets, freeing the company from paying any future milestone payments and royalties.
Saniona will pay royalties to third parties including Boehringer Ingelheim Corp. and GlaxoSmithKline plc.
Saniona first bought NeuroSearch's technology platform, including patents and data related to 15 preclinical and clinical programs, in August 2012.
This was followed by the acquisition of compounds tesofensine and NS2359 in October 2014.
NeuroSearch transferred the last of its product portfolio comprising the compounds, ACR325 and ACR343, to Saniona in May 2016.
NeuroSearch's remaining assets include cash and cash equivalents of approximately 75 million Danish kroner, shareholding in Atonomics, potential 55 million Danish kroner in milestone payments from Teva Pharmaceutical Industries Ltd. and a tax loss of 1.6 billion Danish kroner.
As of Dec. 4, US$1 was equivalent to 6.28 Danish kroner.
