Sophiris Bio has hired Oppenheimer & Co. Inc. as its financial advisor to help the company boost shareholder value, the company said Thursday. The announcement comes days after the company said it would offer $5 million of its common stock to the public.

The company’s stock has plummeted nearly 40 percent in less than a week since the announcement.

The firm said Oppenheimer will assist with the evaluation of strategic alternatives to advance the development of its lead program, topsalysin, and enhance shareholder value, including potential partnering arrangements, financings or a strategic transaction.

"Our Phase 3 BPH clinical trial met its primary endpoint and the initial data from our Phase 2a proof of concept trial in localized prostate cancer was encouraging, both of which create attractive strategic opportunities for moving the programs and the company forward," said Randall E. Woods, president and CEO of Sophiris, in a statement. "Data from all 18 patients treated with topsalysin in the Phase 2a prostate cancer study is still expected this quarter. With the totality of the topsalysin data, Oppenheimer's experience advising companies in our field will be immensely valuable as we evaluate strategic alternatives to maximize opportunities from our topsalysin programs."

The company said it will not make any further disclosures regarding the news until its board of directors approves a specific action or otherwise concludes its review of strategic alternatives.

Sophiris Bio, formerly Protox Therapeutics Inc., is a biopharmaceutical company with locations in Canada and La Jolla, focused on the research, development and commercialization of products for the treatment of urological diseases.

The company’s stock is currently trading for $0.96 on the Nasdaq under the stock symbol SPHS.