Cara Therapeutics Announces Exploration of Strategic Alternatives
July 11 2024 - 7:00AM
Cara Therapeutics, Inc. (Nasdaq: CARA) today announced that it
has engaged Piper Sandler & Co. to act as its financial advisor
for the process of exploring and reviewing strategic alternatives.
“We are committed to evaluating a range of
strategic options to maximize value for our shareholders,” said
Christopher Posner, President and Chief Executive Officer of Cara
Therapeutics. “As part of this effort, our Board of Directors has
approved a streamlined operating plan focused on cost-containment
and cash conservation.”
There can be no assurance that the exploration
of strategic alternatives will result in any agreements or
transactions, or as to the timing of any such agreements or
transactions. Cara Therapeutics does not intend to discuss or
disclose further developments regarding the exploration of
strategic alternatives unless and until its Board of Directors has
approved a specific action or otherwise determined that further
disclosure is appropriate or required by law.
As of March 31, 2024, the Company had
approximately $70 million in cash, cash equivalents, and marketable
securities.
About Cara Therapeutics
Cara Therapeutics is a biopharmaceutical
company focused on transforming the way pruritus is treated. The
Company developed an IV formulation of difelikefalin, which is
approved in the United States, EU, and multiple other countries for
the treatment of moderate-to-severe pruritus associated with
advanced chronic kidney disease in adults undergoing hemodialysis.
The IV formulation is out-licensed worldwide. For more information,
visit www.CaraTherapeutics.com.
Forward-looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Examples of these
forward-looking statements include statements concerning the
Company’s exploration and review of strategic alternatives, its
ability to identify and complete a transaction as a result of the
strategic review process, and its plans to reduce costs and
conserve cash. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
risks and uncertainties include the risk that the Company may not
be successful in exploring strategic alternatives and consummating
one or more strategic transactions on attractive terms, if at all;
the Company’s actual reductions in spending as compared to
anticipated cost reductions; the Company’s costs of continuing to
operate as a public company; and the other risks described more
fully in Cara Therapeutics’ filings with the Securities and
Exchange Commission, including the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the year ending December
31, 2023 and its other documents subsequently filed with or
furnished to the Securities and Exchange Commission, including its
Form 10-Q for the quarter ended March 31, 2024. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Cara Therapeutics undertakes no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were made,
except as required by law.
INVESTOR
CONTACTinvestor@caratherapeutics.com
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