Acrux has enough cash that they could progress the rest of their pipeline even in the event of Axiron being completely rejected. (Unless that happened in such a way as to cast doubt on the underlying technology.)
An Axiron failure, however, following the Evamist damp squib, would probably see Acrux back towards a $100m valuation, maybe sub 50c again.
My original attraction to Acrux was the depth and diversity of their product pipeline, but that hasn't seen any growth for some time (indeed they've lost the Organon contraceptive partnership).
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