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- 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.