Disagree. AQXP - the perfect example. They announced successful Phase III results and the stock ran big. A couple days later, they announced a secondary...and the stock ran some more...in fact, it's moved up ever since.
Again...PULM is in an even better situation as we're not talking about a secondary to fund clinicals. IF one is even needed, it would be for commercialization...significant difference.
Lastly, as they have that FDA designation, it gives them 'currency' where they can collaborate with Big Pharma and big Pharma would fund...that's the stage where PULM is...a very different scenario...one much more promising...and that's why the markets are registering their endorsement here.
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