they can't CR for ph3 , its $100m + investment. Maybe $200m-300m. ivx can't raise 0.5m to start it off with no backing.
they would only CR to buy more time to negotiate. That would be a hard sell, with no news. CEO still drawing his 200,000+ salary, shareholders gave him a payrise in 2013 I think. So I would want the management to cut their salaries if that was the case (maybe for options). Management's personal loans fall due in June/July from memory. If they extend that line of credit that would be good too. This points however to major crunch time in the next 4 weeks.
A little wild card now is the NIH study results too... could come from left field.
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