Tranzyme Pharma Announces Exploration of Strategic Alternatives
RESEARCH TRIANGLE PARK, N.C. – February 8, 2013 – Tranzyme, Inc. (Nasdaq:TZYM) announced today that its Board of Directors has made a determination to explore and evaluate strategic alternatives, including the possibility of a merger, sale, other form of business combination, or other transaction to maximize value to its stockholders.
The Company has not made a decision to pursue any specific transaction or other strategic alternative, and there is no set timetable for the strategic review process. There can be no assurance that the exploration of strategic alternatives will result in the identification or consummation of any transaction. The Company does not intend to comment further regarding this process until such time as its Board of Directors has determined the outcome of the process or otherwise has deemed that disclosure is required or appropriate.
The Company has retained Stifel as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel to assist with the strategic review process.
About Tranzyme Pharma
Tranzyme Pharma is a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of unmet medical needs. The Company has two preclinical programs, TZP-201, a motilin antagonist for chemotherapy-induced diarrhea, and TZP-301, a ghrelin antagonist for the treatment of metabolic diseases. All of Tranzyme’s drug discovery activities are based on its proprietary small molecule macrocyclic template chemistry (MATCH™) technology, which has also been successfully used to generate drug candidates in partnership with other pharmaceutical companies. MATCH™ enables the rapid construction of synthetic libraries of drug-like macrocyclic compounds that display the desirable characteristics exhibited by large biomolecules, such as high potency and selectivity, while maintaining the benefits typically associated with small molecule drugs, such as high oral bioavailability, favorable PK/ADME properties and low cost of goods.
Further information about Tranzyme Pharma can be found on the Company’s website at www.tranzyme.com.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions that there can be no assurances that the strategic review contemplated by the Company will result in a sale of the Company or other transaction or change in the Company’s business or prospects, or that the Company will determine to proceed with any potential transactions that may be identified in the course of the strategic review process. Investors are also cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of the Company, including, without limitation: risks related to the Company’s research and development efforts, including the recently announced results of clinical tests and efforts to identify potential compounds for testing; risks related to the Company’s continued listing on the Nasdaq Global Market; and other risks and uncertainties that may cause results to differ materially from past results or those set forth in the forward-looking statements. Although the Company believes the expectations reflected in any forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Past performance may not be indicative of future results. Additional risks and uncertainties are described more fully in the Company’s Form 10-Q for the quarter ended September 30, 2012 filed on November 9, 2012, as supplemented by the Company’s Current Reports on Form 8-K filed on January 3, 2013, December 17, 2012, December 5, 2012, December 4, 2012, November 28, 2012 and November 15, 2012. The Company does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.