Revisualization roadblock

ThromboGenics N.V.'s decision two years ago to stake its future on Jetrea ocriplasmin rather than diversifying its pipeline is looking like a bet that won't pay off. Last week, the company engaged Morgan Stanley to pursue strategic options, although it maintains it is not throwing in the towel on the ophthalmic drug.

ThromboGenics has a decent war chest, with €183 million ($247.5 million) in cash at Sept. 30...