Wow, go out of town for a few days and the world changes. The question I have is, is there a balloon payment for a full year of interest on the LOC in August or have there been monthly/quarterly payments that have been paid through the year.

I'm happy they have money in the bank, so this financing, no matter how bad the terms were, is welcome news to me. The amount raised is very interesting. Only enough for 5 to 7 months of normal operations. My sense is that they have a deal of some kind that they thought would close by now and they wouldn't have to do a financing before the till went dry but, that obviously didn't happen.

As there is not much capital to work with and a Phase III trial under way along with a couple of additional trials in the wings here. I suspect that we will see one or a combination of things happen in the next 2 months; another financing with current larger shareholders, a partnering arrangement of some kind, a CVR or an outright takeover. If it is either of the last two it will likely take more than two months to happen.

Between Bear and I we have determined that the Futility Study results will be out between tomorrow and the end of the year. Maybe August, as the company predicted. The amount of money raised in this financing suggests that the study results will be out in the next 5 months.

Has anyone heard how all of the presentations in Madrid were received? 

I'm so looking forward to the rest of this year playing out.

DYODD

tada