Hawsaw, Well, a few more financings and Samyang will control enough shares to oust the current management if they want to. But I predict Varney will partner off another program on the cheap this year, raising enough to keep the lights on and salaries flowing until 2013. This might be in additon to another financing.
The remaining hope for 'big' success with Cortex rests in their high impact compounds IMO. It's doubtful Varney can get enough upfront cash for any of the low impact programs to allow the company to run in-house clinical trials again. He'd like to do Central SA and/or ADHD inhouse, but he's not going to have enough funds to do it, thus a partner will have to do these.
So Varney's survival strategy will be to partner off some low impact indications for whatever he can get, and then wait for news on the Servier high impact Phase 2 (which hasn't even started yet according to Neuro, which is not encouraging).
As investors we're better off hitching our wagons to other bio companies, there are plenty of good ones out there (see list below). With Cortex you could always keep some shares as a long term option on success down the road with the high impacts. $1000 will buy almost 20,000 shares, so that's how I'm looking at Cortex, a long long shot.
Some bio stocks on my radar screen include -
(note - I need to update the market cap figures, most bios are higher over the last several months) -
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