Medlab Clinical has informed shareholders that it has received "several indicative bids" through a "proposed restructure" process, which has now closed, with law firm Nova Legal brought in to advise on the submissions.
The company noted that the bids differed "in request, asset, structure, and optionality," and said it would issue a further announcement once the board has settled on terms and signed an agreement.
Medlab's shares were suspended by the ASX in late February after the company encountered financial difficulties following its unsuccessful attempt to list on the NASDAQ. The company's portfolio includes the pain-relief product NanaBis and the NanoCelle drug-delivery technology.
As part of efforts to conserve cash ahead of a finalised deal, the company said CFO Kerem Kaya and CEO Sean Hall will cut back their hours and operate on an ad-hoc basis.
Both executives have had their full-time employment contracts terminated, though each has entered into a consulting arrangement. Hall will be paid at a rate of A$285 plus GST per hour and will remain on the board as a director.
In an ASX update in August, Hall said the company's operations were expected to "conclude" that month, adding that details of "transactions" would be shared with shareholders alongside a notice for an extraordinary general meeting in September, or the "soonest possible date."
Medlab also clarified that a recent email distributed by consultancy firm Hall Chadwick seeking expressions of interest in a medical company had no connection to Medlab.
Hall Chadwick was engaged earlier this year to manage a restructure of the business.
