Telios Pharmaceuticals Inc., coming off a failed drug trial on itslead product last week, said Tuesday that it is seeking a mergerpartner or other alliance or transaction that would help its company.The San Diego company also said it plans to cut expensessignificantly, and is looking for ways to increase revenue, such assubletting portions of its facilities and seeking contractmanufacturing work.Telios officials did not return phone calls from BioWorld Tuesday.The company reported Thursday that its lead drug, Argidene Gel,failed to show statistical significance vs. placebo in the completehealing of diabetic foot ulcers. On Friday, Telios offered to buyback 3 million units it sold for $4.75 apiece in a public offering thatclosed Sept. 29. Before the buyback offer, the company toldBioWorld it had about $22 million in cash and 25 million sharesoutstanding. Its stock (NASDAQ:TLIO), which lost 60 percent onFriday, closed unchanged Tuesday at 81 cents per share. _ JimShrine
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