Vinpat - with respect, there's more risk than simply whether or not they can raise capital (their independent accounting firm expressed significant doubt about their ability to continue as a going concern). I can't agree that their IP is more valuable than any other company in the sector. I've yet to research NB1222 (I will this week), but regarding NB1111, THC-VHS in Tocrisolve was compared against Timolol and Pilocarpine in an a-chymotrypsin induced rabbit glaucoma model. They didn't make a comparison to a Prostaglandin such as Latanoprost - which outperforms Timolol and has been the gold standard in glaucoma treatment for years (likely to be overtaken by Vesneo).
THC-VHS performed similar (albeit with increased intensity) to Pilocarpine - greater peak IOP reduction than Timolol but with a shorter duration of action. Pilocarpine was the most common glaucoma drug before Timolol was introduced, though I believe it is still used in combination. In a normotensive rabbit model THC-VHS-SLN certainly outperformed Timolol, in terms of both intensity and duration. However, I haven't come across a study where THS-VHS-SLN was tested and compared in an a-chymotrypsin induced rabbit glaucoma model. I also wonder how nanoparticle delivery could improve pre-existing glaucoma medications.
I read this in the prospectus I referenced earlier (the resale by shareholders of up to 25,585,663 shares of common stock, which doesn't help investor confidence):
"Administration of NB1111 resulted in a 45% reduction in IOP from baseline with a half-life consistent with five to six-times per day dosing. When NB1111 was administered via SLN delivery, the lower concentration of NB1111 (0.4% equivalent THC) exhibited a decrease in IOP of approximately 20% while the higher concentration of NB1111 (0.6% equivalent THC) lowered IOP by a maximum of 35%. The use of SLN technology lengthened the physiologic half-life of NB1111 equivalent to dosing the drug two to three times a day."
35% peak IOP reduction with two to three daily doses is not a game changer, IMO. I also realise there may be neuroprotective effects, but haven't seen any hard data on that. Alphagan is also believed to slow optic nerve degeneration. That's not to say NB1111 won't be marketable. I just think people should have realistic expectations. As it stands, the launch probability at phase 1 is ~25%. Obviously low from an investor's standpoint, but high from a researcher's standpoint.
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