That's because this ICO was secretly a premine so they just sold the free coins they got on the investors heads and continue to do so. Most ICOs are like this, they just say they funded X but really just gave themselves the coins, partner with exchanges, wash trade and sell on investors. Thats why the price never really goes up because logically there is no reason for it to keep hitting new lows unless someone got a free ride. Similar to how a thief will sell BTC at any price (why should they care, they didn't pay for it) so does ICO fraud do similar things in. Even with development, from an investment standpoint I would never recommend anyone gets behind someone who has no problem backstabbing their own investors.

Just sayin...