I'm sure Berger (incorrectly) thought the 2nd rida interim would lead to an NDA filing which would have likely made the stock pop to around $8, and then he would have diluted like there was no tomorrow.
As usual (and as history always shows with Berger), he gambled....and lost.
Its a low risk pivotal study that is not going to cost much. Why not raise 40M at 4 and with the Merck money to go all in on 543? A deal after the pivotal trial will be much more lucrative than having one before.
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