CPEX, Footstar Inc. drug delivery, endocrine news

On March 2, CPEX sent a letter to shareholders disputing claims in a previous statement from investor Mangrove Partners Fund L.P. that the proposed merger between CPEX and holding company Footstar was not in the best interest of shareholders. CPEX said Mangrove's analysis, and its suggestion that the company either pay shareholders a dividend or spin off a royalty trust for hypogonadism treatment Testim transdermal testosterone gel, were "deeply flawed" and ignored the long-term risks associated with Testim, including litigation, potential generic competition as well as competing products. On March 24, CPEX shareholders will vote on the deal, which the company's board unanimously approved (see BioCentury, March 7). ...