more low-ball options to the ceo, page-5

Hear hear ! Well said Nathan.

Yes, the timing of the option announcement just one day prior to today's 'hand-crafted' and price-sensitive announcement did jump out as a cunning announcement timing strategy employed by the executive in-charge.

Hope this company is not heading the way Progen did with their PI-88 cancer drug.

Going down memory lane it is interesting that these two biotech companies - CXS and PGL - were in merger talks back in 2008 just after PGL terminated their PATHWAY (PI-88) cancer trial.
This was not long after PGL had raised capital @ $5.74/ps
Having $70mil+ in the bank at the time Progen was an attractive partner prospect for CXS.

However, it all came to nothing when the two of them could not agree on the strategy to be employed to gain approval for the merger.

PGL wanted to gain shareholder approval via a General Meeting with its shareholders voting on the merger resolution.

CXS, on the other hand, wanted to use a Court process and later tell shareholders about the merger.

CXS' mindset (still in play?):
It is easier to ask for forgiveness than it is to ask for permission !

The disagreement on the approval process became a stumbling block and the end of a CXS/PGL wedding.

After pursuing other options, which all came to nothing, PGL handed money back to its shareholders.
$1.10 buy-back for the shares some holders paid $5.74 for a good year earlier.

CXS went on to make several capital raisings/placements to keep its wheels in motion.

The rest is history.

For completeness - the day before PGL made the Pathway (PI-88) termination announcement (22 July 08):
PGL shares closed @ $1.20
CXS shares closed @ $1.01

Where are they now? (5 Jan. 11 closing price)
PGL $0.34
CXS $0.46

A chartist would have sold out and moved on long ago <:(