Ann: Converting Note Placement , page-38

Weve already seen that new deals alone will not lift the sp. Multi year deals for 1 mil upfront and 600k every 9-18 months will no longer do for a company requiring 4-6 mil a year. Only hope seems to be license deal or buyout. All major deals are silent other than Janssen so not sure where a license will come from. Buyout plenty of companies have apparently done due dilligence and no offers even at sub 10 mil. Hard to see a silver lining. If they just issued shares at the time of the CR would probably be half the amount they have to issue now. Maybe thats why Nick went??