Excerpt from press release:
“Our Board of Directors has unanimously determined that seeking a merger or sale, in lieu of further development of our remaining programs and assets, gives us the best opportunity to maximize shareholder value. We are aggressively pursuing that course,” said Paul Cleveland, president and chief executive officer of Celladon. “If we are unable to identify a merger or sale that provides superior value to our shareholders, we will move forward with a liquidation and distribution of net cash to shareholders.”
The Company currently estimates that if it were to liquidate during the third quarter of 2015, the net cash available for distribution to shareholders would be approximately $25-$30 million. This projection is based on the Company’s current expectations and assumptions, and the actual amount of net cash available for distribution in such a liquidation and distribution could differ materially from the Company’s current estimate.”
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