Brentie,

Thanks. I agree exactly. So what I am trying to do is develop a strategy to exchange my 2014 options for 2015 options as soon as the 2015s are available and do it without a long trade duration. So the question is how to do that without significant capital contribution and avoid getting caught between some good news or bad news.

I would appreciate some feedback if you do this frequently. I normally just work to sell existing options and then re-buy the new expiration dates with the proceeds. This sometimes takes awhile to get what you want/need to break even on the trade. With this situation, October 2012 may be a convergence time period with available data and NDA resubmission looming in the next few months.

If good news comes before the new options are available, I may stick with the 2014s. If the trial completion data is delayed then I will press to replace the 2014s with 2015s.