Is a sale in the works? The congestive heart failure med, which is controversial because critics question whether the drug should have been approved explicitly for African-Americans, isn’t generating the kind of buzz and bucks NitroMed has been counting on. Although the little drugmaker says formulary placement is improving, scrips and sales remain disappointing.

For those who don’t recall, NitroMed’s BiDil combines two older generics and created a stir two years ago over charges the combo is nothing more than a race-based marketing tool, especially since critics say the drug may be equally effective in other populations. (A recent piece in Scientific American has very good background). Meanwhile, NitroMed goofed by pricing BiDil too high and didn’t effectively reach out to African-Americans, who are particulary vulnerable to CHF.

And so there’s talk on the Street that NitroMed is being eyeballed very closely for a deal, sources tell us. A NitroMed spokeswoman would only say that, “We’ve always said we’re open to partners and looking for partners, but beyond that, I don’t have anything to say.” She did add NitroMed hopes to obtain European approval for BiDil, and has just doubled its managed-care sales force to 60 reps.

But in an investor note this morning, Robert Uhl of Friedman Billings Ramsey was skeptical. “Formulary improvements do not address demand,” he wrote. “NitroMed faces two key challenges. A co-pay of $15 to $30 for a BiDil prescription may still represent a financial barrier to patients with heart failure, who are likely suffering from multiple concomitant conditions and taking many medications. It must also convince physicians of BiDil’s incremental benefit in a well-treated patient population with heart failure.” Bottom line: “The BiDil strategy (is) not working, yet.”

By the way, among the big investors in NitroMed are a couple of big pharma vets - Jerry Karabelas, who once ran Novartis Pharmaceuticals, is now a partner at Care Capital, a venture capital firm in Princeton, which holds 4.8 percent of the shares, according to the NitroMed proxy. And Rho Ventures, where Mark Leschly is a partner, holds 14.6 percent. Who’s he? His dad is the former Glaxo boss Jan Leschly, who’s also a partner at Care Capital. Maybe it’s time for them to cash out.