Musing on this in my ignorant way it seems to me that the investing comunity has different cohorts and the cohort of people who invested in BPTH in the good old days was/is limited in size. PN used conferences and travelling road shows to make sure he "saturated" this market but didn't recognise that it was finite. He reached the end but still desparately tried the same tricks again but there was noone there.
We have some technical gamblers moved in because they fancy the odds, sort of like people betting on a horse just because the odds are 400:1, I hope it pays off for them, not becuase I like (or dislike) them as a group but because they have injected a little optimism into a bleak prospect. They can't boost the stock price, they have no real substance.
Only positive Phase II results can save the company. It is entirely probable that a positive result would result in a buy out by a company with the resources to carry this science through to market. The stock market won't supply any new money, just keep recycling shares through the gambling comunity.
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