Tyme Technologies shares jump premarket on news board to explore strategic options

Tyme Technologies Inc.
TYME,
-5.56%,
a biotech developing cancer metabolism-based treatments, said Tuesday its board has decided to explore its strategic options and has hired Moelis & Co. as a financial adviser and Faegre Drinker Biddle & Reath LLP as its legal adviser. The move comes after the Bedminster, New Jersey-based company had to discontinue a Phase 2/3 trial of SM-88 in combination with methoxsalen, phenytoin, and sirolimus (MPS) for patients with metastatic pancreatic cancer after the trial sponsor terminated the study arm due to futility. “Notwithstanding the discontinuation of its most advanced clinical trial, the company believes there are additional opportunities that could enhance value for TYME stockholders,” the company said in a statement. “TYME believes that being well-capitalized affords it the ability to consider a wide range of strategic options and therefore has commenced a formal process with Moelis & Company LLC.” The company had $92 million in cash as of Dec. 31. Shares, which closed Monday at 34 cents, were up 7% premarket.