My concern with lack of funding is that Gerald doesnt have the full fledge credentials to run a bona fide biotech firm. So if your a venture capital firm; can you trust Gerald with $50mm based on any earned track record (let alone lack of experience)? No!

So whats tough here is Gerald wont let go of the reigns anytime soon. But he needs to step back and realize there is a reason that nobody will step up and invest into the company. I ask ...how long does any CEO get to measure success and earn returns for the shareholders.

Answer: I think several years is long enough...leadership changes need to be decided by the BOD (are they too cozy here)?

Note: maybe market conditions suppressed any ongoing negotiations and will delay any closure on a potential deal; just like many small IPO's have been delayed due to pricing issues.