My thought is that the market in the USA would be easier to capitalize on, hence the desire for the FDA approval to come through. The company's offices are in barbie doll central- LA is proof that vanity is a stronger economic force than recession or inflation, and the revenue from the cosmetic subsidiary alone would ensure a nice, high price for the IPO.
If the IPO is based on EU projections, at this point I doubt it would fetch as high a price. I'm sure that Frank will do everything possible to alert the EU market (and the world) about LTC, but there's no doubt that capitalizing on the US market would make the EU a much easier nut to crack.
Could/would the company move forward in the EU without FDA approval (once the handset is approved)? Of course they would. What other choice would they have? But the money needed to penetrate the EU market as LTC's initial revenue stream makes that option much less attractive.
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