DURHAM, N.C. (AP) — Tranzyme Inc.'s board of directors will explore a possible sale, merger or business combination for the drug developer, which recently ended research into its most advanced experimental treatment.

The Durham, N.C., company said Friday it has not decided on any specific alternative, and it has no time frame for completing its review.

Tranzyme has no drugs on the market. It said in December it would end a mid-stage study of a treatment for diabetic gastroparesis because it failed to do better than a placebo. Gastroparesis is a condition in which the stomach takes too long to clear out food.

The company also is developing possible treatments for diarrhea caused by chemotherapy and for metabolic diseases.

Tranzyme shares closed at 56 cents per share on Thursday.