I agree GT, but in a different way. In doing so, I'm also making the assumption that the CRL was either affected by FDA corruption (Califf), BP influence, or other unsavory but all-too-common games by governmental entities. Waiting until the pdufa date, no adcom, just reeks of someone(s) in positions of power working to at least delay ELTP's 2-bead solution as long as possible. IMO, the same force(s) are at work presently slowing down the appeal process. Many motivations can be at play, be it force a buyout, save a BP market share, and the like.
So--yes, reduce/minimize the FDA emphasis (w/some positive yet true statements--that is, likely very limited) until something more known. NH needs to address and take proactive steps outside the FDA at this point: Apply to Health Canada, who are easier, far less corrupt, and facing a bigger opioid problem (per capita) than the US. While smaller in population (like California), a SequestOx approval there would mean revenue. Ditto the EU--of which there was an article of the growing problem a few days ago. China, we have a connection, but no idea what it's worth to us. But, the very act of applying elsewhere, realizing the 'fatty food" CRL was bogus, would suggest a high probability of acceptance into these markets, and in that way, increase the potential valuation again, aside from the FDA headlock (hemlock). IMO, he should have applied at these two when he applied to the FDA concurrently. He had no back-up plan.
If Nasrat just mumbles about ongoing talks, and NDA's in the works, we're not going anywhere, even if strong revenues. IMO, the expectations are low, where we may not have the usual 10% drop on the call. They got to get Pfiffer on the call and do some real explaining, as well as demonstrate they have a plan going forward.
I agree with N2K and others who have brought up a buyout scenario. My personal issue is any BP has an advantage over us as SequestOx did get a CRL, which remains unresolved. Worse, if they were the ones in the shadows affecting the decision. If we sell now, we won't ever get a decent price for our technology for perhaps a very long time; but that said, it's not worthless, particularly if the acquirer has the "confidence" they can get approval. NH has plenty of shares, where even a "small"/"cheap" buyout puts good money in his pocket. But he also has to get a price that makes JT and Narrine among others happy as well--and I'm sure not pleased right now. If the buyout scenario is for real, the sp is meaningless, the o/s much more important. the CT and common conversion interesting, and buyout only way any of these guys make anything.
We have the revenue, generic line, and infrastructure to stay in business. I don't see a "going concern" of bk an issue. But the amount able to allocate to R&D might be, as well as access to funding. IMO, we need a solid CC, providing direction, and paths towards other revenues other than the FDA--like HC and the EU to keep and/or maintain the price. Or, as N2K noted, the deal may already be in place, price decided upon, and CC not relevant.
Maz
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