Gary - I agree with your sentiment. While I am disappointed as to the value of the conversion, the upside of the hearing royalties is some comfort (a 60 month window would be better than 36, I think, though there's nothing in it to slow Novartis down in their trial efforts as they pay the money either way). XON has a market cap between $2 and $3 billion so they should have access to more than enough cash to fund development of any of our initiatives that they feel is promising. Also, as they are trading, essentially, at a 52 week low a rebound of 50% in the next several months could get us close to realizing a proper valuation.
Do you recall the (potential) value of unrealized milestone / royalty payments that could be achieved in the three year window from, say, April 2017 on? Even at 50%, this has to be a couple of bucks a share, right?