Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

SC Fundamental Value Calls on Transcept Pharmaceuticals to Remove Four Board Members

SC Fundamental Value, Transcept: Transcept Pharmaceuticals Inc (NASDAQ:TSPT) was given support in the equity portfolio of SC Fundamental Value, a filing with the SEC shows. The firm still owns 6.7% of the company, which is the same amount it disclosed holding a couple months ago. 

Transcept Pharmaceuticals

The primary purpose of the filing was to ask Transcept’s Board to “eliminate the Tax Benefit Preservation Plan” that is on the table, and more dramatically, the note calls for it to “remove as a director of the Company without cause each of Christopher B. Ehrlich, Glenn A. Oclassen, Jake R. Nunn [and] G. Kirk Raab.”

In a filing yesterday, Roumell Asset Management, managed by James Roumell, disclosed a letter sent to Transcept, in which he stated that the company’s intention to partner with Shin Nippon Biomedical Labs was “an astoundingly poor capital allocation decision.”

At the end of last month, Transcept disclosed that it received a request from Retrophin Inc (OTCMKTS:RTRX), which asked for permission to increase its position in Transcept to 15%, from its currently held 4.9% stake. Transcept’s Board of Directors declined the request “after consultation with its financial and legal advisors, and after evaluating the Retrophin request in the context of the tax benefit preservation plan adopted on September 13, 2013,” it said in a statement.

Disclosure: none

Recommended Reading:

St. Denis J. Villere & Company Ups EPIQ Systems Stake to 15.1%

Broadfin Capital Opens a Stake in Celsus, Another Biotech Company Today

CommonWealth REIT Drama Might End Next Week, Hedge Funds Paying Attention