They lost all leverage in the deal, with only $60 million upfront, and very limited royalties.

The only winner here are patients, and Bob and Doug who will continue to get paid.

A billion $ product, was licensed for cents on the dollar.

One more winnner - the biggest winner, Merck. This product will not be approved until 2012 at the eariliest.

All those promises of building shareholder value. Down the tubes...

Stock should rise, and EMEA data should arrive shortly, if not next month for a further boost.

Vernakalant IV is not likely to be approved until early 2011, however, a postive EMEA will provide the company with the opportunity to license European rights.