Bridge funding needs certainty on the take-out. There is no...

Bridge funding needs certainty on the take-out. There is no certainty here. Any bridge to equity is pretty much equity as a failure will turn the debt into equity. The Con-Notes in my view were that bridge. Now they are more likely in my opinion to convert into equity via a debt for equity swap if they cant get new equity now.

Interesting when you write "The price weakness is drawn from the lack of funding rather than doubt in the product." I think this is right but would go a step further, the lack of funding is probably because new investors don't trust or have no confidence in the management and the Board to deliver and protect their interests.

Maybe Catherine Liao needs to be the CEO, but didn't her business also fail and hence why CDX got it for not much? (Heard that before?!)

All my opinion