The action of the SP is essentially the consequence of the 5:1...

The action of the SP is essentially the consequence of the 5:1 attaching free oppies of the CR.

Some of the 'SI' with low expectation are selling heads at any price above 1.7 and keeping oppies for conversion, pocketing the difference, inadvertently holding down the SP in the process.

By becoming the No.1 escape artist in the underwriting world recently, Pattos has build up quite a reputation for no shows. Only make us think that there isn't much in their tank to begin with. Any profit is good profit for them if that's the case.

All we need now is a TH with the announcement for some serious dollar figure deal from the pharma. As long as the milestone payments are big, the royalties bigger (say 10% for ANP and 3% for ISIS), the upfront is actually less important since phase II is already funded.

With ISIS having a 10-20% hand on the eventual success of ATL1103, they do have a interest in trying to get a good deal in the negotiation with the Pharma.