Exclusive of what has been posted on this board I have been unable to uncover any time limits for approval from any official FDA site. Additionally, I don't know what institutions you have done business with in the past, I've completed transactions with 11 and none participate in this type of transaction to glean a $2-300K profit. The dilution, when they do sell is minimal, to say the least. Yes, if you choose to continuosly finance, employing this type of transaction, it can become a death spiral. Assuredly, an FDA decision will be forthcoming well before that point.