Ann: Update on convertible note arrangements with Rubric Capital, page-14

One last comment about the convertible notes transaction with Rubric Capital, I've done more digging into this and at face value it seems dumb to give away 9.5% of the company for US$27M when this amount could have been funded with left over cash or with bank debt. It appears that Rubric Capital was the largest shareholder in TherapeuticsMD with about 19%, I'm now thinking that this arrangement and the presence of a Rubrics representative at board meetings, was needed to get the deal approved by the largest shareholder. They will benefit immensely by the deal but just maybe so will Mayne Pharma.