Tokai Pharma Mulls Strategic Alternatives, Including Sale - Quick Facts

(RTTNews) - Tokai Pharmaceuticals Inc. (TKAI), a biopharmaceutical company focused on prostate cancer and other hormonally driven diseases, announced Thursday that its Board of Directors has initiated a review of strategic alternatives for the company, including a sale, focused on maximizing stockholder value.

In pre-market activity on Nasdaq, Tokai shares were gaining 21.36 percent to trade at $1.25.

The company noted that the potential strategic alternatives that may be explored or evaluated as part of this review include a sale of the company, a reverse merger, a business combination or a sale, license or other disposition of corporate assets of the company.

There is no set timetable for this process and there can be no assurance that this process will result in any such transaction, the firm said.

In conjunction with this process, the company is continuing to assess the best path forward for its galeterone clinical trial program. The company now anticipates all patients enrolled in the ARMOR3-SV clinical trial will discontinue treatment by the end of the year.

As part of its review of strategic alternatives, Tokai has engaged Wedbush PacGrow as its financial advisor.