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Vital Therapies (Nasdaq:VTL), a biotherapeutic company that has been developing ELAD, a cell-based therapy targeting the treatment of liver failure, today announced updates on the Company’s ongoing strategy to preserve its cash and maximize shareholder value. As quoted in the press release: To further that objective, the Company has retained Ladenburg Thalmann & Co. Inc. …
Vital Therapies (Nasdaq:VTL), a biotherapeutic company that has been developing ELAD, a cell-based therapy targeting the treatment of liver failure, today announced updates on the Company’s ongoing strategy to preserve its cash and maximize shareholder value.
As quoted in the press release:
To further that objective, the Company has retained Ladenburg Thalmann & Co. Inc. as its strategic financial advisor to assist in the review of the Company’s business and assets and exploration of strategic opportunities for enhancing stockholder value, including the potential sale or merger of the Company. The Company cannot guarantee that this process will culminate in a transaction.
As reported last month, the Company’s VTL-308 study of ELAD in the treatment of severe alcoholic hepatitis failed to meet either its primary or secondary endpoints, and that the Company was ceasing any further development of the ELAD System and would explore strategic options. In an effort to preserve cash while the Company assesses its options, the Company underwent a reduction in force of approximately 80% of its workforce and will continue to evaluate the need for its remaining personnel throughout this process. In furtherance of the goal to conserve cash, the Board of Directors has now also reduced its size from nine to four members. Remaining members of the board are Faheem Hasnain, Chairman, Cheryl L. Cohen, Russell J. Cox and Lowell E. Sears.