Company turned down fair offers hoping to get more later, while knowing they are an over leveraged small cap pure opioid company heading into headwinds that doesnt have the money to develop Cebra or do the label studies for Nucynta. Now stock is going to $8, and possibly even lower. Arthur is a good guy, but he is too late. The damage is done here. A larger diversified co could have absorbed some of the opioid headwinds and funded Cebra trials. Cebra is a valuable asset just sitting there worthless because the company is doing nothing with it. They owned Nucynta for 2 years and continually put off the label studies. Instead Schoeneck spent millions fighting off take overs.
Arthur may seem like a good guy on the surface, but by the time his time is up, he'll probably walk away with north of 2million - not bad for a year or so's work and a company that is getting worse not better.
For those that care about more than a quick buck - the only 'offer' publicly know is Horizon, and that would've been a cluster- look at that stock now. The company is struggling in many ways, and the portfolio is awful. Deposed will get sold in 2018- probably for only 20 or so...but my guess it will be Novartis or one of the other big boys.
