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Tenax Therapeutics Announces the Evaluation of Strategic Alternatives
MORRISVILLE, N.C., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX), a specialty pharmaceutical company focused on identifying,
About this update from Tenax Therapeutics, Inc.
[{"type":"text","content":"MORRISVILLE, N.C., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX), a specialty pharmaceutical company focused on identifying, developing and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need, today announced that the Company is evaluating alternative strategic paths focused on maximizing shareholder value. Roth Capital Partners will support Tenax Therapeutics as its financial advisor in this process. Tenax Therapeutics is developing TNX-201 (modified release imatinib) for the treatment of pulmonary arterial hypertension (PAH) and TNX-103 (oral levosimendan) for the treatment of Pulmonary Hypertension with Heart Failure with Preserved Ejection Fraction (PH-HFpEF). Both TNX-201 and TNX-103 are Phase 3-ready assets, each with the potential to meaningfully impact the quality and longevity of patient lives. Tenax Therapeutics and its Board of Directors believe the current valuation of the Company does not accurately reflect the potential value of its clinical-stage pipeline. The Company will therefore explore a diverse range of strategic options to help drive shareholder value including, among other things, a sale, merger, or other strategic transaction. There can be no assurance, however, that this process will result in a transaction or other alternative. There is no set timetable for the strategic review process and Tenax Therapeutics does not intend to provide updates unless or until the Board approves a specific action or otherwise determines that disclosure is appropriate or necessary. “We believe imatinib and levosimendan can significantly improve the standard of care in their respective indications,” said Dr. Stuart Rich, Chief Medical Officer of Tenax Therapeutics. “We have selected over 70 investigative sites, across 6 countries, based on their ability to enroll patients in the IMPROVE trial, their support for our improved formulation of imatinib, and their understanding of the requirements of our protocol design. These sites are now prepared for initiation.” Christopher T. Giordano, President and Chief Executive Officer of Tenax Therapeutics, said, “Today’s announcement reflects our confidence in identifying those groups who recognize the value of our two programs, and each drug’s advanced stage of development, supportive proof-of-concept cl...