Doc et al, correct me if I'm wrong or understand incorrectly, but since GNBT owns 65% of NGIO (ie, GNBT shareholders), IPO money that is raised selling GNBT's NGIO shares goes to GNBT, not NGIO. It's my understanding that the $50 mil that is in the works would be the operating capital for NGIO, and therefore, it has to come from a separate agreement through NGIO.

If that is correct, the IPO money goes to GNBT (part of the $500 million valuation that we GNBT holders are counting on to raise the pps of GNBT); since they will be separated companies after the IPO, I suspect GNBT will use the raised capital to fund their other endeavors (MSO, Excellegan, AltuCell, etc).