I think its very possible that they may not end up doing any IPO's in the subsidiaries or if they do, then maybe just one of them. I think this is a back-up plan if they are not able to put together any partnerships. An IPO probably wont occur for another year, so plenty can happen between now and then. They needed to present a plan to the toxics in order for them to agree to the tender exchange, so this is the plan they presented.

Now that the toxics have been removed, they can negotiate much easier with potential partners. Plus they needed to have a plan in place to give them leverage in their negotiations. If a partner sees the company has no options and need the partner to do a trial, they will try to steal the asset, so the Company needs to show them that they don't need the partner to do a trial.

If they can bring on a partner for ESS or Lympro, which I think are the 2 most likely assets to partner in the near term, then hopefully the share price rises to a level which allows a lot of options and doing an IPO may not even be necessary.