200k for 50%? That's crazy. The professor was right on so many levels. That 200K wouldn't last three to four months. Rent, salaries, hardware, etc. That said, the professor was slightly insulting, but I don't think his position was wrong at all.
It utterly depends on what stage the company is in. If it's a few guys and a prototype, $200k of seed money for 50% isn't necessarily a lousy deal.
And, for the record, it could last quite a while. 3-5 young guys making rice-and-beans money, cheap rent, 2-3 servers at ServerBeach...
The "professor" was insulting and controlling-- he raised the VCs' hackles, which isn't going to move the meeting in the right direction. If he had a problem with the valuation, he should have raised the concern before they'd issued the check. That's bad faith negotiating.