So you are willing to take an exponentially climbing profit ratio based upon extended buying power provided by the options just to add an additional year of wait time in the warrants? If this gets approved upon the expected PDUFA date (Early 2014) and in that time they get a partner, the stock will be well north of $10 and you would have mitigated your buying power so you can view commercialization for an additional year? When an option or in this case a warrant is in the money by a factor of 4+, there is little if any time value associated with it. At that point you are truly doing yourself a disservice in holding the warrant to expiry because the liquidity on it has diminished since buying the shares in the open market will be at par.

Even now buying the warrants would be moronic, pardon a better term, due to the fact they are tracking the share price (EG warrant price is $1 + strike price of $2.60 or 2.40 whatever = a current break even of $3.60). For the current price of the warrants you are actually losing money every time you purchase one since you are getting a fraction of a share when a single share could be purchased in the open market for an equivalent price. There is no way around this, the warrants are a poor strategy unless the share price were to be $2 or lower.