Tenax Therapeutics Inc.'s board is conducting a comprehensive review of strategic alternatives focused on maximizing stockholder value and has formed a strategic committee of three independent board members to supervise management in the review.
The strategic alternatives may include, but are not limited to, a merger, a business combination, a strategic investment into the company, or a purchase, license or other acquisition of assets.
Also, the company has engaged Ladenburg Thalmann & Co. Inc. as financial adviser to assist in the strategic review process.
In addition, the company named Michael Jebsen as interim CEO after the resignation of John Kelley as CEO and board member, effective April 3. Jebsen is the president and CFO, and previously served as interim CEO for the company from 2011 to 2013.
Kelley has agreed to provide consulting services to the company for a period of time after his resignation.
Tenax plans to continue pursuing a regulatory filing for levosimendan in Canada. It believes the drug is an effective and safe inotrope to increase cardiac output in patients at risk for or with perioperative low cardiac output.
Levosimendan previously failed to meet its primary endpoints in a phase 3 study in January.
Tenax said it continues to evaluate data from the clinical trial and feedback provided by the U.S. FDA in preparation for the pre-new drug application meeting in May, while simultaneously exploring additional strategic options and alternatives that might enhance stockholder value.