About 2 years ago TSPT issued a major stock offering below market price. The company had no clear-cut idea WHAT it was going to do with the cash. This really screwed all the stockholders at that point in time and the stock has basically done nothing but go down ever since. There were so many caveats on Intermezzo in the little bit of advertising they did that you'd have to be nuts to take this medication. I hope all the principals lost a multiple of what I did on this stock!
Couldn't agree more. I bought 56,000 shares after a board member spent over $1M on new shares. Several months after that they issued shares at $9 while the current price was $11! Talk about cratering a stock. Then they canceled trials on the only other product in the pipeline due to bad results. so, they became a one trick pony. Then they indicated they had to "share" in the Purdue advertising by contributing $10M. So, Purdue gave them a $10M royalty payment for meeting hurdles on getting Intermezzo approved....TSPT uses that momentum to do a secondary and then "gives" the $10M back to Purdue for advertising! Three card shuffle can be difficult to follow, but two card shuffle?
Now they are giving ZERO guidance and saying they have a strong management team exploring options/opportunities etc. These guys have become a venture capitalist firm looking for accretive acquisitions without the background or experience to do so. They have $80M of cash that they are slowly burning through with no prospects. The Board should have shuttered this company and returned the remaining cash to shareholders....at least then we'd receive roughly $4 per share!
I sold my 56,000 shares yesterday.........at a loss of $313,000.