Aeterna Zentaris reports on review of strategic alternatives
Aeterna Zentaris ' special committee of independent directors -the Strategic Review Committee - has engaged a consulting firm and a financial advisor to assist in its efforts. The Committee has been tasked to consider and evaluate various strategic and financing alternatives available to the company to maximize shareholder value, including continuing to execute on its existing business plan and/or considering and recommending changes to the Company's management and governance. The Strategic Review Committee retained these firms in part to validate the commercial potential of Macrilien in order to determine the best means of maximizing value. The board recently appointed Michael Ward as CEO. Ward has taken steps to reduce and rationalize overhead over the next several months, including reducing or eliminating expenses, resources and overhead that were associated with the company's discontinued Zoptrex product. Ward has also implemented a restructuring plan of Frankfurt operations. The company has also eliminated an executive position in South Carolina. The board and the Committee has also discussed formally adopting a director share ownership requirement to ensure an even greater level of alignment with shareholders.