Acusphere, Inc (ACUS)

[aml10021]

As I read the press release,my impression is that one of Cephalon's conversion options(within 1 yr of closing) of the $15mill pref share is conversion of prin & accrued interest @ .90 discount to price at conversion with minimum # shares constituting 51% equity stake in ACUS (Possibly > 51% if the share price was lower than your example of .35 and they elected to convert)
Presumably the price will rise significantly if positive FDA conclusion, and they would then be able to benefit either from the license of Imagify paying ACUS royalties(? at what rate) or own 51% of ACUS at their option if within the 1st year.
If FDA doesnt approve, they still can apply as credit to future AI-525 milestone payments, or be paid off in 3 years by ACUS. In any event ACUS now has $15mill addn to survive and follow on with Imagify and other drug licenses..

All of this is only my interpretation of the press release and will hopefully be further explained in the conference call.