NEW YORK (TheStreet) -- Celladon (CLDN) shares are up 1.52% to $2.34 in afternoon trading on Monday after the clinical stage biotech company announced that its board of directors unanimously voted to seek an acquisition or partnership and has hired Wedbush PacGrow Healthcare as a financial adviser.

"We have unanimously determined that seeking an acquisition or partnership gives us the best opportunity to maximize shareholder value, and to that end we have retained Wedbush PacGrow Healthcare as exclusive financial advisor to the company and board," said chairman of the company's board Michael Narachi.

Additionally the company announced that it was promoting company president and CFO Paul Cleveland to its CEO position, replacing Krisztina Zsebo, Ph.D who resigned from the company.

Cleveland joined the company in June 2014.

"In addition, with today's leadership announcement we enable a smooth transition to a proven executive in Paul Cleveland. We have the highest degree of confidence in Paul's leadership as we commence the process to seek an acquisition or partnership," said Narachi.

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