Biotech Values

[InTheTrenches]

$107.3M is sufficient to cover operating expenses
for more than two years.

Which begs the question, why do the recent financing?

1. Get the cash when the market is hot, coupled with uncertainty of when generic Lovenox will be approved and whether Momenta/NVS will have the sole generic
2. Don't expect to partner M118 soon.
3. Maximize M118 royalty by taking less upfront/milestones
4. Start & complete Phase 2b(?) before partnering to maximize deal, as offers are coming in low for M118
5. M&A
6. Other

#1 seems the most likely, but underlying this is the feeling that MNTA doesn't expect to partner M118 anytime soon. Your thoughts?