Arcadia Capital MD Rofe slams CPEX management's most recent statements on terminating Nasulin program

14 April 2010

US drug developer CPEX Pharmaceuticals has been strongly criticized by one of its shareholders for mis-applying $17 million in failed R&D over its Nasulin (nasal insulin spray) program after a failed Phase IIa clinical trial, and refusing a fully-financed tender offer. The firm said it will now seek to sell or out-license the program.

Commenting on CPEX's recent letter to shareholders - part of proxy materials - outlining the current situation, is replete with extensive misstatements, false premises, and misleading information on factual events.

In reacting to the recent shareholder letter, Arcadia notes the following:

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