Joe,

Thanks, I think that is an excellent suggestion.

Here's something I plan on looking into as we near the pdufa date that we hope to have next Spring: let's say that we've had a decent run-up based on Phase III results and/or partnership, and the warrants are then more liquid, I might well sell the warrants, and buy long options. For example, if the share price were at $9 at that point, I'd buy some $12 or so options a few months out; I'd give up the appreciation between $9 and $12, in return for not getting killed on the warrants or stock if we get a thumbs down. I did essentially that with the stock going into the first pdufa and/or the second (who the heck can remember) and it worked reasonably well for a lousy outcome for the company.