Andrew those were my thoughts as well in that by the time the notes are converted the company is back in the position almost immediately of requiring cash once again --- it's actually maybe panned out a little bitter than I had expected with a month or so to go for maturity & I had speculated they would need cash before that maturity date even came. Really not sure; it's still pretty up in the air but if they can pull the R&D Rebate of a similar size to last then it should buy another quarter and a bit with the cost saving measures at least into early 2014 ? - '12/'13 Rebate was $1.9M so I guess we'll have to see but ideally if we are lucky it will see Janssen through to their point of action. Not sure exactly what the price will do when those notes are converted but the positive imo is after the conversion buyers wont be held back by uncertainty if/when good news or developments do occur unlike those over the past year.
PYC Price at posting:
1.7¢ Sentiment: None Disclosure: Held
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