designer491 Cara Therapeutics ( NASDAQ: CARA ) stock closed 28% higher Thursday after it announced it had hired Piper Sandler as its financial advisor to help it explore strategic options. Cara’s ( CARA ) board has also approved a cash savings plan for the company, which had around $70M in cash and equivalents as of March 31. The company added that it won’t comment further on its efforts to explore strategic alternatives until its board has approved a specific action or determined such disclosure is appropriate or required by law.
Cara ( CARA ) announced last month that it planned to seek out strategic alternatives for the company after its pruritus drug candidate difelikefalin failed in a key clinical trial . More on Cara Therapeutics Cara Therapeutics announces 70% reduction in workforce Cara to seek strategic alternatives after difelikefalin trial failure in pruritus Seeking Alpha’s Quant Rating on Cara Therapeutics Historical earnings data for Cara Therapeutics Financial information for Cara Therapeutics.
