On The Block

Speedus Corp. has hired Morgan Joseph & Co. to provide a hand in the Freehold, N.J.-based company’s evaluation of strategic alternatives for its Zargis Medical Corp. subsidiary. Zargis has developed FDA-approved software that identifies and classifies heart murmurs. Speedus hired the financial adviser a day after appealing a Nasdaq staff determination about noncompliance to certain listing requirements. The hearing is scheduled for March 11, 2010. The company’s third-quarter filing with the SEC in September 2009 included a “going concern” statement. In it, Speedus said, “We may not have funds sufficient to finance our operations and enable us to meet our financial obligations for the next twelve months.”

Cordex Pharma Inc. (OTCBB: CDXP) has hired WBB Securities LLC to help with its examination of strategic alternatives. Cordex is a La Jolla, Calif.-based biopharmaceutical concern with a portfolio of diagnostic and therapeutic drug candidates. These products center on clinical development and include a potential heart arrhythmia treatment called ATPace and a possible treatment for male infertility called ATPotent. In an SEC filing in November 2009, Cordex Pharma said, “Management will not be able to meet its operating cash flow requirements using cash on hand. The company expects it will run out of cash in the fourth quarter of 2009.” Cordex Pharma’s losses for the third quarter ended Sept. 30 widened to $3.18 million, up from $1.77 million a year earlier.

New Frontier Energy Inc. (OTCBB: NFEI) plans to look at a range of strategic alternatives in a bid to enhance shareholder value. The Denver-based oil and gas company will review a sale or merger of the entire company, as well as the possibility of selling all, or a substantial part, of its assets. A private placement of shares, options or other securities, a joint venture and going-private transaction are other options that will be considered. New Frontier doesn’t plan to discuss the review further, unless its board approves a specific deal. The company holds interests in properties in Colorado and Wyoming, including the Slater Dome Field and the Focus Ranch Federal Unit.

Verena Minerals Corp.’s board of directors has formed a special committee of independent directors to review and evaluate strategic options. The Toronto, Ontario-based mineral exploration company hired Gryphon Partners as financial adviser to help the committee during the review process. Verena Minerals has received a number of expressions of interest for potential transactions, but these are in the very early stages. The company doesn’t intend to discuss the review unless the board approves a deal or strategic option. The company’s prime focus is to expand the deposit and complete a feasibility study for its Volta Grande Project in Para State, Brazil.