Cara Therapeutics, Inc. (NasdaqGM:CARA) announced that it has engaged Piper Sandler & Co. to act as its financial advisor for the process of exploring and reviewing strategic alternatives. ?We are committed to evaluating a range of strategic options to maximize value for our shareholders,?

said Christopher Posner, President and Chief Executive Officer of Cara Therapeutics. ?As part of this effort, our Board of Directors has approved a streamlined operating plan focused on cost-containment and cash conservation.? There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or as to the timing of any such agreements or transactions.

Cara Therapeutics does not intend to discuss or disclose further developments regarding the exploration of strategic alternatives unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate or required by law.