The 40 million plus shares pushed onto the market

The 40 million plus shares pushed onto the market from Aspire.
The relentless smear campaign.
No money for B-ABSSSI phase 3.
Prurisol phase 2 (it was not a phase 2a at the time) results not good enough for phase 3.
Prurisol 2b interim canceled, results delayed indefinitely by lack of payment to CRO.

These all provided ample suppressive fire for the shorts to continue working the stock.

Also, and I know it's hard for some here to believe, there are actually people out there who do not believe IPIX will make a deal. If you're one of those people, shorting here makes total sense.

It's short/cover, short/cover, short/cover. Your numbers come out much bigger than with a single trade where 100% is the max you can earn.

Short at $4.00
Cover at $1.00 to make at 75% return.
Short at $1.00 with all those profits and releverage
Cover at $0.25 to make another 75% return.
Short at $0.25 with all those profits and releverage
Cover at $0.125 to make another 50% return.

That's a 350% ($1000 in, $4500 out) return to here.

Not much meat left on the bone right? Wrong.

Short at $0.125 with all those profits and releverage
Cover at $0.0625 to make another 50% return

That's at 580% return over all.

Shorting is great money if IPIX doesn't catch you off guard with a buyout. That won't happen if you short against your long position as a hedge. Short, turn a profit, split the profit between more shorting and averaging down the long position. Ring that goose's neck til she drops the gold eggs.