"take substantial holdings of at least 5%."If true, I find this...

"take substantial holdings of at least 5%."

If true, I find this statement rather perplexing. Simply buying 5%+ of the current shares would give the company no new money and so, presumably, the company would issue new shares to the tune of 5%+. This raises several questions in my mind:

1) 5% of the company at the current market cap would not raise enough money to last more than a few months before we would need a new cash injection. No one in there right mind would do that unless they were guaranteed that other, non-dilutive, funds would also be available very shortly.

2) A savvy investor looking to take such as sizable stake is unlikely to be too happy with the current capital structure; 1B+ shares and options with a market cap of only $16M. I think such an investor would be demanding a share consolidation before making a commitment.

Putting all these things in the melting pot I think we could be seeing a combination of options for the next stage of funding ie, a deal that is likely to take longer than our current cash will extend to or a deal that does not raise enough cash to continue our programs combined with a share consolidation and private placement of shares to a new investor.

I am now less certain that the deal that we are all hoping for, a partnership in one of our programs, is about to happen. Maybe another merger, a realignment of capital and an investment in a new company is what is planned. Who knows? I give up guessing. I'll just see what the next few weeks delivers. I have changed my sentiment from Buy to Hold.