Aeterna Zentaris Inc.'s strategic review committee engaged a consulting firm and a financial adviser to help evaluate options to maximize shareholder value.

The company said the firms were hired in part to validate the commercial potential of Macrilien, its orphan drug for adult growth hormone deficiency. Options that may be considered include entering into partnerships or building an internal sales force, raising capital including through an investment from a strategic partner, or selling some or all of the company and its assets.

Newly appointed CEO Michael Ward has taken steps to reduce overhead in the coming months, including reducing or eliminating expenses associated with the company's discontinued Zoptrex product.

The company added that there is no assurance that evaluation of strategic alternatives will result in a transaction.