Background: Avadel Specialty Pharmaceuticals, LLC (“ASP”), based in Chesterfield, MO, is a pharmaceutical company engaged in the business of commercializing, marketing, and distributing NOCTIVA™ (desmopressin acetate) nasal spray.
Cassel Salpeter:
Served as financial advisor to the Company
Ran a competitive sales process, identifying and contacting over 100 strategic and financial parties
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auction.
Challenges:
NOCTIVA™ had limited sales and required a full commercialization effort to make the drug financially successful
ASP entered into an unfavorable license agreement which potential bidders ultimately had to renegotiate
Outcome: On April 15, 2019, the court approved the sale of certain ASP assets to Roivant Sciences GmbH, headquartered in Basel, Switzerland.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_Avadel.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2019-04-01 17:22:402024-05-03 18:06:09ASP sold certain assets to Roivant Sciences GmbH
Background: InRegen, with headquarters in the Cayman Islands, is a leader in three-dimensional regenerative medicine.
Cassel Salpeter:
Served as exclusive financial advisor to the Company in its divestiture of the Neo Urinary conduit assets
Ran a competitive sales process for the assets and assisted the Company in evaluating offers received
Assisted in the structuring, negotiating, and closing of the transaction
Challenges:
Complex technology
Small universe of potential buyers
Outcome: On December 31, 2018, InRegen closed on the sale of the Neo Urinary Conduit assets to Orgagen, Inc.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_InRegen.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2018-12-01 17:02:532024-05-03 18:06:34inRegen sold certain assets to Orgagen
Background: Sancilio Pharmaceuticals Company, Inc. (“Sancilio”), based in Riviera Beach, FL, is an integrated specialty pharmaceutical company that develops, manufactures, and commercializes pharmaceutical products, over-the-counter and behind-the-counter products, and dietary supplements in the dental and women’s health markets.
Cassel Salpeter:
Served as financial advisor to the Company
Ran a competitive sales process, identifying and contacting over 300 strategic and financial parties
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auction
Challenges:
Expedited sales timeline with less than six weeks to identify and solicit interest from potential bidders
Simultaneous, multiple sales processes for different divisions of the Company
Outcome: On August 1, 2018, the Ocean Blue division of Sancilio Pharmaceuticals Company, Inc. was purchased by K.D. Pharma Bexbach GmbH, headquartered in Bexbach, Germany.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_SCI.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2018-08-02 17:28:312024-05-03 18:06:53Sancilio sold certain assets to K.D. Pharma Bexbach
Background: Sancilio Pharmaceuticals Company, Inc. (“Sancilio”), based in Riviera Beach, FL, is an integrated specialty pharmaceutical company that develops, manufactures, and commercializes pharmaceutical products, over-the-counter and behind-the-counter products, and dietary supplements in the dental and women’s health markets.
Cassel Salpeter:
Served as financial advisor to the Company
Ran a competitive sales process, identifying and contacting over 300 strategic and financial parties
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auction
Challenges:
Expedited sales timeline with less than six weeks to identify and solicit interest from potential bidders
Simultaneous, multiple sales processes for different divisions of the Company
Outcome: On August 8, 2018, Altemia and the ALT Platform, a Phase III ready product for the treatment of sickle cell disease; a prenatal and dental portfolio of prenatal vitamins and fluorides; and the plant and labs of Sancilio Pharmaceuticals Company, Inc., were purchased by Micelle Biopharma, Inc.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_SCI.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2018-08-02 17:25:072024-05-03 18:07:10Sancilio sold certain assets to Micelle Biopharma
Background: Convert IT Marketing, LLC (“Convert”), founded in 2011 and based in Ft. Lauderdale, FL, provides outsourced pay-per-click marketing solutions for local law firms in specialty practices throughout the U.S. Convert IT’s unique and proprietary strategies deliver superior performance to its 500+ customers in terms of cost and quality of leads, placing it in the top 1% of all digital marketers serving the legal vertical.
Cassel Salpeter:
Served as exclusive financial advisor to the Company in its divestiture of the Neo Urinary conduit assets
Ran a competitive sales process, identifying and contacting strategic and financial parties
Provided the owner with advice from pre-engagement to post-close
Challenges:
Limited buyer universe
Multiple offers ahead of the completion of initial calls
Outcome: On August 31, 2018, Convert IT was purchased by Abbey Road Capital.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_ConvertIT.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2018-08-01 17:16:532024-05-03 18:07:26Convert has been acquired by Abbey Road Capital
Background: CORD:USE Cord Blood Bank (“Cord”), based in Orlando, FL, owns and operates a cord blood bank that focuses on building an inventory of umbilical cord blood stem cell units for patients in need of a life-saving transplant.
Cassel Salpeter:
Served as financial advisor to the Company
Advised Cord in evaluating its strategic options and provided assistance throughout the due diligence and closing process
Ran a broad sales process, contacting 115 parties
Challenges:
Small footprint – Marketing in select markets
Sizeable amount of debt
Complex capital structure
Outcome: In June 2018, Cord was acquired by Cryo-Cell International, Inc. The upfront consideration consisted of cash and shares of Common Stock with the potential for contingency cash payments based upon pre-determined milestones.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_CORDUSE.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2018-06-01 17:29:412024-05-03 18:07:45CORD:USE has been acquired by Cryo-Cell International
Background:Systems 2000, Inc. (“Sys2k”) is a SaaS business that provides a mission-critical dealership management system for the specialty vehicle market, including RV, marine, auto, heavy duty trucks, bus and emergency vehicles. With over 350 customers throughout the U.S. and Canada and a strong recurring revenue base, the Sys2k platform is highly regarded due to its true multi-company, multi-location system offering full DMS capabilities across all departments of a dealership.
Cassel Salpeter:
Served as financial advisor to the Company
Ran a limited sales process, contacting 19 specifically targeted financial and strategic buyers
Challenges:
Management required guidance and support to satisfy due diligence requests due to small size and limited resources
Outcome: In March 2018, Sys2k was 100% acquired by Serent Capital, broadening their portfolio of system-of-record software businesses and automobile technology investments.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_SY2K.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2018-03-01 18:30:112024-05-03 18:08:10Sys2k has been acquired by Serent Capital
Background:Norquay Technology, Inc. (“Norquay”) is a specialty chemical manufacturer with over 30 years of expertise in providing the scale-up and production of advanced proprietary custom materials, including organometallic, inorganic, and organic molecules. Norquay’s product line includes chromic, electronic, catalyst, ligand, medical adhesive, and UV performance products, with a customer base that ranges from startups to large multi-national corporations.
Cassel Salpeter:
Served as financial advisor to the Company
Ran a competitive sales process, identifying and contacting over 60 financial and strategic partners
Challenges:
Balancing owner’s objectives to maximize value while preserving company culture
Complexity of the specialty chemical industry and navigating the strict environmental regulations
Outcome: In December 2017, Norquay was acquired by MPD Chemicals, a portfolio company of Addison Capital Partners, broadening MPD’s specialty chemical manufacturing capabilities; Norquay’s owner now holds a minority equity stake in MPD.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_Norquay.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2017-12-01 19:25:542024-05-03 18:08:27Norquay has been acquired by MPD Chemicals, a portfolio company of Addison Capital Partners
Background:Trucker Path, Inc., is a leading software platform for the trucking industry. Trucker Path’s core product is the Trucker Path app, a trip planning companion for truck drivers, enabling a large driver community to assist each other in updating the real-time status of relevant points-of-interest on their route. Expanding on the success of the Trucker Path app, Trucker Path also introduced the Truckloads app, a mobile marketplace providing freight load matching with over 3 million loads posted monthly.
Cassel Salpeter:
Served as the exclusive financial advisor to the Company
Ran a competitive sales process contacting approximately 50 potential strategic acquirers, resulting in 6 indications of interest
Challenges:
The Company had a solid user base and software platform, but had not monetized the assets well
Company management and board dynamics
Outcome: In December 2017, Trucker Path was acquired by Renren.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_TRuckerPath.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2017-12-01 18:43:492024-05-03 18:08:38Trucker Path has been acquired by Renren
Background: NephroGenex, headquartered in Raleigh, NC, is a specialty pharmaceutical Company that focused on the development of therapeutics to treat kidney disease. Based on financial considerations, the firm decided to pause its two key programs: 1) its Phase III clinical program for oral Pyridorin for the treatment of diabetic nephropathy and 2) its Phase I ready program for IV Pyridorin for the treatment of acute kidney injuries.
Cassel Salpeter:
Served as the exclusive financial advisor to the Company
Served as restructuring advisor to debtor in a bankruptcy matter, identifying and contacting over 275 strategic and financial parties
Challenges:
Drug failed to show a significant effect over the placebo in Phase III clinical trails
Complexity and duration of bankruptcy proceedings
Outcome: On May 10, 2017, the United States Bankruptcy Judge for the District of Delaware entered an order confirming the Sale pursuant to a Plan of Reorganization under Chapter 11 of the Bankruptcy Code. The plan became effective on May 24, 2017.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_NephroGenex.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2025/04/CasselSalpeter_15th-Anniversary-Logo_Website-Header_1112-x305_Option-2-1030x283.pngroaradmin2017-05-01 17:35:072024-05-03 18:09:11NephroGenex sold assets to Medpace Research