calm before the storm?

The share price is drifting lower and volume has dried up; the lack of news has the attention of the market wandering off elsewhere.

But I wonder if this is the calm before the storm.

I think we can now expect two or three announcements in reasonably quick succession that might/will reignite interest.

1) An announcement that the HCV trial is finished. If it says that all participants have successfully completed the trial, that carries the implication that there are no major concerns over safety and side effects. The trial is due to be completed this month, although these things have a tendency to run over schedule.
2) An announcement that an HIV trial will start. The timing of this announcement may depend on�.
3) The big one. The efficacy results of the HCV trial, due next month. If BIT 225 improves the effectiveness of existing drugs, the SP should rocket; if BIT 225 shows little effect then the company is struggling to survive.

If the HCV trial proves successful, we may get a follow up announcement sometime later this year that Biotron is negotiating/has negotiated a partnership deal with a major pharma to develop BIT 225 for HCV. Another possible rocket under the SP.

What I can�t work out is what happens if the HCV trial is a big success. Presumably, the SP goes up, the options move well and truly into the money and are converted into shares before they expire at year�s end. This will deliver the company something like $10 million in cash.

What does the board do?

Does it try and go it alone, further developing BIT 225 for both HCV and HIV by itself? Does it do a pharma deal on HCV, and use the money to keep HIV development all to itself? Or some other strategy?

And what does it do if the HCV trial bombs? The SP will fall and the options will be out of the money, so goodbye $10 million. Would the company be forced to do a bargain basement pharma deal on HIV just to keep the company afloat and, hopefully, push the options back into the money?

What do people think? Does anyone have any insights into what the board is thinking?