A 50-100 bagger would be $0.50-$1 a share, not $50 or $100!
With current outstanding shares of about 67million, that'd be a market cap of less than $70 million. Development expenses until now have been far higher than that, and they still need serious funding to continue.
Here is an quote from the latest 10Q, page 12:
For the nine months ended March 31, 2010 and 2009, we incurred research and development expenses of $39,000 and $96,000, respectively, for Oxygent , an intravascular oxygen carrier that we are developing to augment oxygen delivery in surgical patients at risk of acute oxygen deficit. Research and development costs to date for our oxygen-therapeutic product candidates, including Oxygent , total approximately $161 million. While difficult to predict, we estimate that the completion of clinical trials for Oxygent will cost at least an additional $70 million. We do not anticipate that Oxygent will reach the market for at least a few years, if at all, and, because of the numerous risks and uncertainties associated with product development efforts, we are unable to predict the extent of any future expenditures or when material net cash inflows from Oxygent may commence, if at all.
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