The Phase III announcement isn't a big opportunity. As I have been stating on this board and reaffirmed yesterday by IR there will merely be a continue/stop announcement. The first go-ahead on 4-27-15 resulted in a 10% pop from .60 to .66 after hours and then the next day it was back to .60.
Even with a go-ahead the top line results are not until late 2016 at the earliest. Prior to that AEZS must find a way to stay Nasdaq listed, a prospect which is dwindling as the market cap dives down.