Ann: Manufacturing Update - Clinical Trial Remains on Hold, page-50

The most important point with PAB is this

This isn't their drug PAT-SM6 failing to meet a Clinical trial tests as we see with so many bios
This is the company failing to produce the drug correctly for the trial

There is a very very big difference as it means what you are effectively talking about is a $1m extra cost and a time delay not that the actually drug is useless

Cash backed with big delays

Was apparently worth $45m in Oct Nov 2013 with trials expected in 18months-24minths but now isn't worth $5m with trials delayed and expected in 24months

Also I think it's pretty clear that the new CEO will bring in a new asset to diversify the company's focus while PATSM6 moves towards trials