Gfp, your post was intriguing. But, it probably won't happen. Stoll has mapped out the year for needed cash. I don't think he wanted to do the ROTH but was worried that this cash was needed to avoid an audit warning.
We are assuming Cortex thinks they have a pretty good table format of data supporting the artifact? Yes, from Stoll's tone, that's a very good bet, but what if he has a putative mechanism of action? or a clearly defined mechanism of action behind the artifact? What I'm saying here is that he(and his consultants)may now feel they have proven what the FDA wanted them to show in the first place. In such a case, you probably wouldn't do another PIPE pre-FDA decision time.
A more interesting point to consider is will a financing occur 'after' the FDA decision? If we are say at 2-2.25 at the time of the FDA decision, and they liberalize the dose, we will see a major run . . . possibly well past 3 to the 4 range or even past 4. Cortex could then do a financing to help pay for phase IIb ADHD trial(s) as a form of 'chicken' with any large pharma suitors, "deal now, or the price goes way up after phase IIb data." Should the price move up to 4 plus after the dosing liberalization, one can see a discounted finaning(without warrants=) to give Cortex the necessary cushion to proceed with phase IIb trials, or whatever else is planned.
Also, another point which can never be planned for or 'counted' in the bank is the overhand of warrants . . . some of these will be exercised in the good news period, although there are price and timing constraints at play--the price has to be well above 4-5 for most of these, however the most recent ROTH PIPE tool has about 5 million dollars which can be obtained or exercised at 1.66 a share--but I think there is a six month rule before those warrants can be exercised.
Still, with good news on the liberalization front and initiation of phase IIb ADHD trials, money will not be a problem.
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