CombiMatrix Corp said it engaged Robert W. Baird as its financial and strategic adviser to help develop and review strategies aimed at unlocking shareholder value.
CombiMatrix does not plan to provide updates on such corporate opportunities until the process is completed, it said in a statement.
CombiMatrix is at a major inflection point in its business plan, and we look forward to the advice provided by Baird in developing and evaluating certain corporate-level opportunities, Chief Executive Amit Kumar said.
In March, the biotechnology company had said its existing cash and cash equivalents -- totalling $9.1 million as of Dec. 31 2008 -- would last until September this year. Auditors had expressed doubt on the company's ability to continue as a going concern. Shares of the company closed at $6.99 Tuesday on Nasdaq. (Reporting by Vidya L Nathan in Bangalore; Editing by Unnikrishnan Nair)