Aerpio Pharmaceuticals Inc. has shuffled its management as it plans to explore strategic alternatives to maximize shareholder value.

According to an Oct. 21 release, the Cincinnati-based company's clinical assets and cash resources totaled $48.2 million as of June 30.

The board is exploring various options, including a possible acquisition, merger, business combination, asset sale, in-license, out-license and the sale of the company's sale.

Evercore, Ladenburg Thalmann & Co. Inc. and Duane Nash will act as strategic advisers to Aerpio for the process.

As the company streamlines operations, President Joseph Gardner will lead Aerpio's management team and Vice President of Finance Gina Marek will retain her current position, while CEO Stephen Hoffman and CFO Michael Rogers have transitioned from their roles. Hoffman also resigned from his position on the board.

The company's stock price rose 19.03% to about 55 cents as of 3:06 p.m. ET on Oct. 21.

Aerpio Pharmaceuticals is a biopharmaceutical company that develops and commercializes treatments for eye-related diseases and disorders. On March 18, the company announced the failure of one of its experimental drugs in improving symptoms of diabetes-related vision loss in a mid-stage study.