If it's a good product, big names like Coke won't hesitate to buy up the company just because of it's debt. A couple million is nothing to Coke, especially when a successful product will bring in many times more in revenue.
Second, I would think that it's because ATTD has a winner in Phase 3 that it's not trying to license out the product. They think they can go it alone, presumably because they think they have a good enough product. A buyout offer now would be minuscule compared to what the company would get after taking the product nationwide on their own
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