Realm has hired MTS Health Partners to help it look into options and has slashed its headcount, among other cost-cutting measures. At the end of June it had 15 full-time employees, according to an SEC filing dated mid-August.

Martin said Realm may also "look to in-license or acquire further assets or undertake a broader corporate transaction," but isn’t giving any assurances that a deal will result.

Realm was hoping to show that high concentrations of hypochlorous acid could downregulate multiple cytokines involved in inflammation and so developed formulations of the active ingredient tailored to its target indications. Now, its left with no pipeline, around $21 million in ready cash, plus a modest royalty stream from a wound care product range.

It also has rights to an anti-itching product based on hypochlorous acid called Aurstat, which was approved several years ago as a medical device and had a similar formulation to Realm’s atopic dermatitis candidate PR022. Aurstat was taken off the market several years ago however, so the biotech could focus on the development of PR022 as a prescription drug.

Realm said it has no negotiations with interested parties on the go right now, and it remains to be seen whether there is anything among its remaining assets to entice a potential purchaser.

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