"In sum, I think this offering is either a bridge to 1) the August results, so that more stock can be issued at a higher price, and Al's LOC is not needed (and they have some money to ramp the sales), and then perhaps a debt deal/partnership after FDA approval, or 2) a partnership after August results, or 3) a debt deal after August results."

Russell, I think that's exactly right. I'm pretty sure MNKD doesn't know which way to go yet, it will depend on those results and the kind of partnership deal it can then attract, compared to waiting for approval, and maybe even until sales.

I think they need a partner with a big time marketing machine already in place, and I think they need that partner between the time (good) results are announced, but well before the PDUFA date. They need the salespeople that have already greased the skids with the doctors upon whom they call. Otherwise, we'll be going up against those very guys in trying to market Afrezza. I'll tell you what, if we try to do this with our own marketing network, February of 2016 will come too soon for us warrant holders!