<<If a pharma is playing hardball with Cortex over cash on hand related issues, then 3-5 million won't make a bit of distance>>
I think it's more complicated than that. All partnering strategies have been thrown off timewise by the crash, as people reassess whether there are new opportunities to be considered. Midsize companies are more likely to be narrowly focused, and less likely to be considering a wide swathe of opportunities. So they, because of the narrow bandwidth of interests, and the lesser degree of bureaucracy, can return to negotiations and move faster.
It's the Big Pharmas who are inclined to read the revised full menu, and who can't move quickly. A quote from a small company CEO at Windhover: "It takes Big Pharma three months to take a crap."--no, it wasn't Cortex. But systemic slowness was a commonly discussed topic.
it's likely Cortex could do a deal with a midsize pharma before their money runs out, I suspect. For less upfront. So it's an interesting strategic choice--let's say Endo Pharma, which should be interested, offers $15 million upfront for CX717 and a backup in all respiratory conditions. I'm making all this up, just to make it clear. Cortex might hope for the profile of a bigger name, and bigger upfront money, but that might not be something that can be finished until midyear, when there is more CX1739 safety data. If that deal was to be with a household BP name, and for, let's say $25 million up front, is that possibility worth waiting--and financing--for?
You end up having to crunch the numbers to figure out at what point it might be worth raising X million with dilution, to get a bigger partner (and thus bigger PR splash) and more upfront money six months later. All of these are moving targets--the potential PIPE terms, the potential licensing deal terms.
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