Veru Hires Advisor To Explore Alternatives For Female Health Business

Veru Inc (NASDAQ: VERU) has engaged Morgan Stanley as a financial advisor to pursue strategic alternatives for its legacy Female Healthcare Business.
"Furthermore, with the potential for five registration clinical trials in the calendar year 2021, four for oncology indications and one for COVID-19 it is clear that Veru has transformed itself into a premium, late-stage, clinical biopharmaceutical company, so the strategic fit with the FHC Business is not as strong as it once was," said Mitchell Steiner, M.D., Chairman, President, and Chief Executive Officer.
For the fiscal year 2020, the business reported net revenues of $41 million and gross profit of $29 million.
Its commercial product is the FC2 Female Condom/ FC2 Internal Condom, the only FDA-approved female condom.
Price Action: VERU shares are trading higher by 3% at $12.7 on the last check Monday.