You are probably correct. Not sure how much weight this statement carries as the partners can see the financial position the company is in. I think GTCB hoped to be in a position to go it alone with the financing that came up short. Management is rolling with that punch but it had to hurt their negotiation position.
If I recall correctly signing the deal with LEO did not cause much of a move in the stock price. There was a large equity component (19% of the company) to that deal that I hope is absent from the current negotiations. The structure of that deal may have played a role in the muted response of the PPS. In the current case if the pending deal solves some if not all of the financial worries then I would think the response in the PPS would be robust. Then again I expected a much larger bump with the Atryn top-line results. We shall see in the next "few weeks".
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