Market, I'd love to be proven wrong here, but I subscribe to your point of view here. I also want the technology in strong hands. This is actually why I would love, ultimately, a LLY or MRK buying us out. As horrible terms as we are told such a buyout(without first raising money, planning it through), the dreaded buyout on the cheap... 5-10 million, perhaps 15 million... as horrible as I admit that sounds, it is nothing compared to the post-financing share price that Varney will proceed with after the shareholder meeting and his redemptive aftermath: the reverse split.
The choice here is probably a small premium for existing shareholders with a buyout on the cheap versus another 75 % loss of value from Friday's close! I would also be interested in if Varney has been as precise with his 30-45 day theory with the AMEX in his bid to keep Cortex' status as listed on the exchange. I would guess/predict that the next big news on Cortex will be delisting. In a way this helps Varney's upcoming rational at the shareholder meeting for more shares: "Boys, we have to turn this thing around, we need more time, this money will actually help us ink a deal and look for strategic alternatives, advance our compounds, move on to the reverse split with the granting of options which we can actually profit from! Current shareholders, trust us."