sassy42,
I had thought that too. This is my reply from Pete when I emailed him about it:
"From Pete:
"... As for the Phase III, we would really need to raise the full cost of the trial plus our running expenses to commit to the trial - you only have to look at Avexa to see the value of half a Phase III. Even though I am confident about us getting the fonda approval in the near term (as we have stated publicly), I would not put the entire value of the company at risk. If we have to postpone the start of the trial by a couple of months, so be it. The value lost in doing that is a fraction of the dilution that would be required."
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