I think the event that will trigger the CC is filing the IND. The content will also include an update on Neurology's completion of their review of CX717; progress with other low-impacts like CX701, and the status of the high-impact program. The kind of information that Cortex shareholders used to demand, and complain when it wasn't forthcoming. There might be a 5% chance of a partnership, a 20% chance of an inlicensing. I see little likelihood that there will be a PIPE announced, as I stated earlier, the timing would be virtually indefensible.
It's interesting to me that, having posted a comparison with Targacept's even more precipitous drop, there was, so far as I can tell, zero response on this Board to that comparison. I could mention Neurogen, whose share price has plummeted in spectacular fashion without any clear precipitant. In neither of those cases, has there been any reason to expect a PIPE...there has been an exit for reasons that strike me as sectoral profit-taking, not due to individual company dynamics (other than the fact that there was a profit to be taken). The difference for Cortex is the warrant conversion, where a sectoral retreat becomes temporarily amplified by conversions and sales. But that also will provide cash, making a PIPE even more unlikely.
Cortex shareholders and observers can, if they choose, continue to torture themselves with a search for some hidden agenda, some secret that we will be the last to know. Occam's razor--the law of parsimony--suggests that adding extraneous explanatory hypotheses does not improve the accuracy of the guesswork. And most of the conjectures offered of late smack of the extraneous, IMHO.
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