Transcept, Purdue Pharma neurology news
Two shareholders sent letters to Transcept's board saying they do not believe Transcept's plan to acquire a new product, along with its associated costs and risks, are in the best interests of shareholders. In its 2Q13 earnings, Transcept said it is "conducting an extensive new product search and evaluation process" and believes that by the end of the year it "will be able to announce progress in re-building our development pipeline."
The company's largest shareholder, Roumell Asset Management LLC, said "pursuing an acquisition makes little sense while the company's shares trade at a substantial discount to the cash on its balance sheet." In its letter, Roumell estimates that Transcept's current cash balance is about $74 million, or about $3.90 per share. Transcept's shares closed at $2.66 on Sept. 3, the day before the letter was sent. ...