Kevin Tang of Tang Capital Management, an investment firm that specializes in the area of biotechnology and small capitalized pharmaceutical firms filed two interesting documents last week. On February 9th 2009, A.P. Pharma Inc. (APPA) appointed a representative from Tang Capital to the board of the company. A. P. Pharma Inc. is a small capitalized biotechnology firm with a current market value of $18.87 million dollars, $16.54 million dollars in cash, and zero debt. A.P Pharma is currently in Phase III clinical trial testing for its key drug candidate, APF530, which is being tested for prevention of acute and delayed onset chemotherapy-induced nausea and vomiting, or CINV. A.P. Pharma expects finally data for APF530 and potential approval from the Food and Drug Administration by the first quarter of 2010. Tang Capital owns 28.4% of A.P. Pharma.

On February 13th 2009, Tang Capital delivered a letter to Vanda Pharmaceuticals nominating two associates of Tang Capital for election to the board of Vanda Pharmaceuticals at the 2009 shareholders annual meeting. Tang Capital also believes that in order to maximize value for all shareholders, Vanda Pharmaceuticals must cease all operations immediately, liquidate all assets and distribute all remaining capital to Vanda Pharmaceuticals shareholders. Shares of Vanda Pharmaceuticals have been under substantial pressure ever since Vanda’s key drug for schizophrenia received a rejection letter from the Food and Drug Administration in July—flatling the stock from $4 to $1 in a single day. Tang Capital also cites that Vanda’s current market capitalization of just $20.02 million dollars, yet Vanda has $46.46 million dollars of cash sitting in the bank, or $1.74 per share in cash, with zero debt. Vanda is fighting back saying “The board is disappointed that Tang Capital has opted to conduct an election contest, particularly when the company is so close to receiving a response from the regulators regarding its lead compound, iloperidone," said Brian Halak, chairman of Vanda's corporate governance committee. Tang Capital owns 14.9% of Vanda Pharmaceuticals.

Amended the terms of a purchase offer letter to extend, until April 15th 2009, Borders U.K-based gifts and stationery business for $65,000,000. Pershing Square also extended the deadline for repayment of the $42,500,000 in senior secured notes to April 15th 2009. Pershing Square Capital owns roughly 35% of Borders Group.

Several analysts have suggested that Icahn intends to force Lions Gate to sell the company, or to facilitate online distribution of its 12,000-title film and television library. Icahn currently owns 14.28% of Lions Gate Entertainment with an average price of $7.3 per share.

David Pomeroy sent a letter to the board of Pomeroy IT solutions (PMRY) offering to buy the company for $4.5 in cash. This is David Pomeroy’s third and smallest purchase offer made to Pomeroy IT, who has since revoked earlier offers to purchase the company at $7.05 per share last April and $6 per share in May

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