Malvern-based Galera Therapeutics is continuing to explore alternatives that would allow it to persevere, writes John George for the Philadelphia Business Journal.
Earlier this week, the biopharmaceutical company reported a net loss of $4.4 million in the first quarter. That is a significant reduction compared to a $17.7 million loss in the year-ago period.
“Our review of strategic options continues,” said CEO Dr. Mel Sorensen.
Those options include a merger, asset sales, divestiture, and licensing arrangements.
The board of directors at Galera took another step to protect the company earlier this month when it unanimously adopted a limited duration stockholder rights agreement to “protect stockholder interests.”
This action was needed to protect the interests of the company and its stockholders due to recent accumulations of Galera’s common stock. It reduces the likelihood that any person or group will gain control of Galera “without paying an appropriate control premium.”
However, the company stated that the action will not “deter the board from considering any offer or proposal that is fair and otherwise in the best interest of Galera stockholders.”
Read more about Galera Therapeutics trying to persevere in the Philadelphia Business Journal.
