Jan 30 Ark Therapeutics Group Plc said it had begun a formal sale process and appointed an advisor to evaluate strategic options after fund-raising talks collapsed.
The company, which is yet to report a profit, said it had appointed WG Partners LLP to evaluate strategic options, which also included securing long-term strategic partners.
The contract development and manufacturing services company, which has a market capitalisation of 2.65 million pounds ($4.17 million), said it would continue to explore opportunities to monetise its non-core assets.
The company said earlier this month that it was in talks with a number of shareholders in order to raise funds.
Ark, which operates in the UK and Finland, has tried to cut costs and terminate costly investment in early-stage product development to focus on its viral development and manufacturing services in Kuopio, Finland.
The company had 4.9 million pounds in cash and cash equivalents, and 3.1 million pounds in total liabilities as of June 30, 2012.
Shares in Ark, which traded at over 130 pence in 2004 when the company went public, closed at 1.27 pence on the London Stock Exchange on Tuesday.