Cara Therapeutics (CARA) said Thursday it is exploring and reviewing strategic alternatives, sending shares up by more than 8% in pre-bell activity.
The company said it has engaged Piper Sandler & Co. as its financial adviser for the process but declined to disclose further details until the board approves them.
As of March 31, the company had about $70 million in cash, cash equivalents and marketable securities.
Price: 0.31, Change: +0.024, Percent Change: +8.39
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