JJ - I'm sure you are correct as I didn't research the financials to get a more accurate picture so your point is well taken.

While $3.5M, or even a couple of $M more, might not get it all done it would probably see them through a bit longer while pursuing those key initiatives.  That said, the lack of cash absolutely contributes to some disquieting uncertainty and I'd be happy to hear postive news on that front as much as the next person and, no doubt, the market in general.  However, having the cash to pay bills now isn't going to matter much if they fail to capitalize on some of those initiatives over the next few months.  From this angle it seems a bit of a highwire act, no question, but I'm sure they know that they are up against the proverbial wall.  If the commercial and partnering discussions are going well then they will find the cash but if they aren't then we'll surely know that soon enough.