The wishy-washy announcment around the phase III trial has...

The wishy-washy announcment around the phase III trial has spooked people. In my view, it was their first investor comms mis-step and they are paying for it.

They made the whole phase III issue very ambiguous and now the market expectation in my view is that they will have to run two separate and expensive phase III trials (one for Europe and one for America). My gut feel is that a second cap raise is priced in to cope with this expense.

I really like this stock, and think .60c is a great average down price, but I think that is the fundamental (for right or for wrong) issue that is causing the price action.

I am confident though that if you buy now and put it in a drawer for two years, you'll be up when you re-open the drawer.