MedAdvisor (ASX:MDR) said its review of strategic options to maximize shareholder value drew strong interest, with its Australian business receiving several conditional, non-binding proposals, according to a Tuesday Australian bourse filing.

It is currently assessing these proposals. The firm is considering a range of corporate actions including strategic acquisitions and divestments, targeted cost reductions, revised organic growth initiatives, and actions to support capital management.

Linda Jenkinson stepped down as its chair and as a director to focus on other priorities, while Kate Hill was appointed as its interim chair.

It also conducted a successful placement of AU$5 million to institutional and sophisticated investors, including participation from its own directors for AU$375,000, subject to shareholder approval. It will issue around 50 million new ordinary shares.

The firm also launched a AU$2 million share purchase plan to enable existing shareholders to participate on the same terms as investors in the placement.

It will use the proceeds from the offer for working capital to continue executing strategic and cost-out initiatives.

Its shares fell 14% on market close.