UPDATE 1-Quigley exploring strategic options

* May put pharma division on the block

* To cut compensation for certain executives

May 18 (Reuters) - Quigley Corp. (QGLY.O), which makes lozenges, gums and sugar free tablets for common cold, said it was exploring strategic alternatives, including the sale of its pharmaceutical division.

The company said it was also considering the separation of the over-the-counter products and pharmaceutical assets, apart from implementing further cost cuts, particularly in the area of compensation for certain executives and other operating areas.

"The cost reduction has become necessary due to reduced performance of the company's OTC segment of the business which is reflective of the broad downturn in consumer spending on this category of goods," Quigley said.

Shares of the company closed at $6.39 Monday on Nasdaq.

For the alerts double-click [ID:nWNAB1077] . (Reporting by Anand Basu in Bangalore; Editing by Anil D'Silva)