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Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN) ("Diffusion" or the "Company"), a biopharmaceutical company developing novel therapies that may enhance the body's ability to deliver oxygen to areas where it is needed most, today announced that its Board of Directors (the "Board") has authorized a thorough review and evaluation of a range of potential strategic opportunities in the interest of enhancing stockholder value including transactional opportunities to better leverage the potential of trans sodium crocetinate ("TSC") and the Company's other assets.
As part of the Company's previously disclosed, ongoing efforts to identify acquisition and partnership transactions that complement, supplement or de-risk the Company's current development programs and the Board's commitment to enhancing stockholder value, the Board has determined to expand its evaluation to a broader range of options which could include a joint venture, licensing, sale or divestiture of some of the Company's proprietary technologies or a sale of the Company, in addition to the previously announced opportunities under consideration. The Company has retained Canaccord Genuity LLC as its financial advisor and Dechert LLP as its legal counsel to assist in the review process.
"Over the past two years, we have obtained encouraging data on the potential effects of TSC on oxygenation, including the results of our Altitude, TCOM, and COVID-19 Trials. We continue to believe TSC has potential benefits for patients, particularly as an adjuvant treatment to standard of care therapy for hypoxic solid tumors, like glioblastoma multiforme," said Robert J. Cobuzzi, Jr., Ph.D., President and Chief Executive Officer of Diffusion. "We continue to seek opportunities to leverage our cash position and the significant skills and experience of our team to opportunistically identify novel product candidates that may deliver additional value for our stockholders. This includes strategic transactions that may increase the likelihood of TSC's successful development and simultaneously allow for a more effective and efficient use of our other resources."
There is no timeline for this review and there is no assurance that the Board's review will result in any transaction being consummated. Diffusion does not intend to comment on the process or make further disclosures until it determines an update is appropriate.
Posted In: DFFN
