Terrible deal for the shareholders, I fully agree. Much more egregious than the missed deadline for the re-filing of the NDA. Not enough following to get a good price (ie, insufficient book for a public secondary). I predicted a low 3s when the offering came to fruition (very obvious it would happen, but when was the uncertainty), but I did not expect such fleecing of current shareholders. Look at all those that bought the stock recently (in the 4s) when the follow on was both obvious and critical to the life of the company.
I was too late for the bounce, but congrats to Dave for the nice 1 day gain. As I said, I was not in the stock as I sold out my roughly 20K shares on the resubmission news. I will likely not get back in, as the small cap natural gas stocks are a screaming bargain here, as is INCY.
Not sure of the market for the sumitriptan patch, but their injectable (30 day dosing) Risperdal patch program is a bunch of hooey in my view. No way to get patients off of drug if the oral (previously reported Risperdal) side effects appear.
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