Biotech Values

[ghmm]

I really appreciate Craig Wheeler's discipline in not going on a huge spending spree. It appears CW is incrementally increasing investment in #3 (which I am glad to see) but at some point cash will really build up (though I am sure Biotech CEO's would agree you can never have too much cash) and I was curious what next steps would be assuming none of the 6 items that you outlined (and nothing negative either like a second generic Enoxaparin):
2'-Develop M118 in a deal where we pay more of the share
3'-Accelerate work/spending in FoB
4'-Take 402 into clinical development
something else?

CW seems still bullish on M118 but sounds frustrated at partnering opportunities and while I would normally expect 3' and/or 4' to be more likely I am wondering if at some point (cash level and/or financial stability) he would take much more share of the cost of developing M118. Any thoughts?