These guys are going to have to raise more capital; I doubt very much (after speaking with them) that they are remotely close to signing a partner for '011.
Sounded more like all I got was excuses like, "potential partners want to see results of FDA talks" or "potential partners want to see more clarity on follow-up data". So, it's not like all of a sudden after getting clarity on those two things, a partner is going to up and run to them with the signed term-sheets. I would be very surprised, actually, to see them ever partner '011, and go it alone through all these trials, and just keep on diluting like every other JV biotech management team seems to be doing.
Having said that, IF '011 results are outstanding (i can't see how they will be MASSIVELY outstanding with the small N), they probably should keep it 100%.
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