That's right, the insiders are not able (even if they wanted) to buy right now with all the material, nonpublic information they have on the ongoing financial negotiations. However, it would be nice to see the management/board step up and put some skin in the game when the deal does happen.
Unfortunately, PYMX is out of time (and good options anyway) to try a more non-standard equity offering. Presumably, they have researched those options prior to this point and found them lacking. One of the problems has always been the lack of large investors and liquidity. Raising $18 million from small retail each year was never going to work. If PYMX is to continue as a going concern, Edward Smith (or a new guy) is going to have to be capable of attracting the larger investors necessary to get the company to the point where it can partner the products.
