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in the third quarter, we retained Locust Walk Partners, LLC, a global life science transaction firm focused on biopharmaceutical and medical technology companies, to provide transaction advisory services. Strategic transactions that have been or are being considered include a license or sale of our late-stage topical minocycline product candidates, a sale of the company or a strategic business combination. In order to preserve cash, the company has taken additional steps to reduce operating costs.
"The process with Locust Walk is ongoing," said Dr. Tierney, BioPharmX CEO. "We are optimistic that we will be able to announce a strategic transaction before the end of our fiscal year."