It still doesn't make sense--management can't appoint board members only shareholders can elect IMHO. The proxie said they are looking for strategic investors so a buyout would be a good thing. I was also a little concerned the venture capitalist on the board left--this board needs a businessman not another member with a medical degree.
majority of the shares are owned by insders and institutions, so i don't think the opinions of individual investors really bother those in the company. what i found interesting is that the two recently appointed directors all have merger and acquisition backgrounds. I consider them more like businessman than scientists.