GFP, I suggest you stick with your plan. However, planning on a 70% collapse at $3.60 might not materialize for you. I think this thing is due for a little irrational exuberance. I see it slowly inching up towards $4 in the next month. Then it pops above $7 after the surprise FDA restrictions are lifted in mid-April catching short sellers off-guard.
Then, you might get a 30% pullback chance to buy in at $4.70 before powering ahead to $8.80 at which point it will gap up over $11 as a deal is announced pre-Monday morning sometime in May.