Neothetics Announces Review Of Strategic Alternatives

(RTTNews) - Neothetics Inc. (NEOT) said that its Board has unanimously approved plans to initiate a process to explore and review a range of strategic alternatives focusing on seeking an acquisition, business combination or partnership that will allow for it to maximize shareholder value from its remaining assets and cash resources.

Neothetics has engaged Oppenheimer and Co., Inc. to act as its exclusive financial advisor to the company and Board for this process. The Company also intends to streamline its operations in order to preserve its capital and cash resources, including implementing a reduction in workforce.

"We have unanimously determined that seeking a strategic transaction gives us the best opportunity to maximize shareholder value," said Kim Kamdar, Ph.D., a member of Neothetics' Operating Committee and Board of Directors. "In addition, we continue to review all operational expenses in order to facilitate our ability to enter into a strategic transaction."