- TYME Technologies Inc (NASDAQ:TYME) has decided to explore potential strategic options. It has engaged Moelis & Company LLC as its financial advisor and Faegre Drinker Biddle & Reath LLP as its legal advisor.
- In January, TYME announced the discontinuation of a randomized Phase II/III trial of SM-88 in combination with methoxsalen, phenytoin, and sirolimus (MPS) for metastatic pancreatic cancer upon learning that the trial sponsor terminated the study arm due to futility.
- The Board's Strategic Planning Committee will act as a Transaction Committee and be led by TYME Board Member Timothy C. Tyson.
- The Company does not intend to disclose additional details unless and until entered into a specific transaction.
- "The goal of the strategic evaluation process is to ensure that we are exploring a range of possible options to maximize value for our stockholders. With $92 million in cash and marketable securities as of December 31, 2021, we believe that TYME is in a strong position to find an advantageous transaction," stated Richie Cunningham, Chief Executive Officer of TYME.
- TYME continues to evaluate SM-88 in two separate Phase 2 investigator-sponsored studies in HR+/HER2- breast cancer and sarcoma.
- Next month, a poster presentation from the Phase 2 OASIS study of SM-88 in HR+/HER2- breast cancer will be presented at the American Association for Cancer Research (AACR) Annual Meeting.
- The Company is also conducting a comprehensive translational preclinical program focused on SM-88 MOA and Biomarker Identification/Validation and has engaged Evotec SE (NASDAQ: EVO) to aid in executing these activities.
- Price Action: TYME shares are up 2.13% at $0.35 during the market session on the last check Tuesday.
