Bombed-out drug developer Ardana says it has received ‘a number of approaches’, which may or may not lead to a bid.

The Edinburgh-based company, which last month said it had asked broker Piper Jaffray to help find a bidder or merger partner, says that it has held discussions ‘with a significant number of interested parties’. In the process, Ardana, headed since October by ex-CV Therapeutics president Huw Jones, has aroused interest in potential licensing opportunities for some of its products.

Recently, the fully listed company reported ‘positive’ results from a Phase 1 study on its testosterone cream product, which provided ‘clear evidence of the effectiveness of Ardana’s cream in the transdermal delivery of testosterone in females’. Ardana shares, which plunged from 136p two years ago to 9p earlier this month, have bounced to 17.5p, up 8p today, where they value the company at £11.5 million and offer speculative recovery prospects.

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Ardana	LSE	£4.26m	6.50p	0.00p
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