Cerulean Pharma Inc. (NSDQ:CERU) said today that its board of directors launched a strategic review of its assests, considering alternatives for its clinical assets and nanoparticle-drug conjugate platform.

Waltham, Mass.-based Cerulean said it could consider a sale, a merger, or an investment into the company. The board is also floating the possibility of a sale or license of the company’s assets. The company cautioned that its review may not result in any transaction.

Investment back Aquilo Partners is acting as financial advisor to the company during its strategic review process.

Under consideration are the company’s clinical assets, including its nanoparticle-drug conjugate programs CRLX101 and CRLX301, as well as its tumor targeting platform.

In October last year, Cerulean inked a deal with Novartis (NYSE:NVS) to develop nanoparticle-drug conjugates. The products will match Cerulean’s tumor-targeting tech with Novartis compounds directed at up to 5 targets.

The agreement calls for Cerulean to receive $5 million plus funding for 5 full-time equivalents to develop NDC candidates. Cerulean may also receive preclinical, clinical, regulatory, and sales milestones for each target, as well as single-digit to low double-digit tiered royalties on net sales for each NDC product, following regulatory approval.

Swiss biotech giant Novartis is responsible for further development and commercialization of NDC products that result from the collaboration.

CERU shares were trading at ¢84 in mid-afternoon trading activity, up +3.5%.