A biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of central nervous system, disorders, with an initial focus on obesity.
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This wonderful company has just repriced a good portion of their outstanding employee stock options to current price levels.The CEO just repriced ALL of his 2,260,800 options that ranged in price from $2.79-$6.74 to the low, low price of $1.66. Boo-ya!!!But wait, there's more!!!A VP repriced 1,093,396 options that ranged from $1.70-$15.45 to everything priced at $1.66. Double Boo-ya!!!There are many, many other VPs and Partners that also repriced their stock options to today's share prices. Sounds like a can't lose proposition if you're a company exec - you can just move the goal posts as you please. The company drops to $0.50? Who cares, we'll just reprice all of our options at $0.50. Seems like a get rich and get the hell out of dodge scheme to me.I guess I shouldn't be too hard on these guys, I mean they did bring the company's share price from $9.50 to $1.50 in only 6 months...oh wait.
So...$64 million in the bank and no debt, yet they are diluting. Nice!!!
12/15/11:
/PRNewswire/ -- Orexigen Therapeutics, Inc. (Nasdaq: OREX) today announced that it has priced an underwritten public offering of 5,646,173 units. Each unit consists of one share of common stock and a warrant to purchase ten shares of common stock, at a price to the public of $1.45 per share of common stock and $1.449 per warrant to purchase each share of common stock