Blumont / IGXT combined are still well below 50% of the float, so I don't see them being able to take this out on their own. Plus IGXT is still not cash flow positive, and won't be until 450 has been on the market for at least 4-6 months.
I'm wondering if Edgemont isn't trying to negotiate lower milestones and / or royalties. If so, then Zerbe could be in a bit of a rock / hard place moment. He HAS to get this launched ASAP. So either stay with Edgemont and agree to less favorable terms - or start over with a new partner who will also be able to negotiate better terms than Edgemont (plus it will take at least another 6 months before being ready to launch). With the latest pipeline showing the migraine launch now being H1 2014, 450 is their only real revenue for at least a year and a half.
Could be a case of a savvy business side exec (Edgemont CEO) knowing he might be able to swing more favorable terms. They only invested $1M up front, and as stated above know IGXT needs to get this out like yesterday. Would be kind of sleazy, but that's business sometimes folks. Plus the existing terms - 20%+ royalties / big milestone payments - are pretty steep, meaning lots of room to renegotiate.
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