"It will not be until they announce a major pharma partner that they will be able to get out of this hole."

IMO, you are correct. I doubt even people would believe us if we went through Phase 3 alone since we are such a small company. No one has believed us yet so why would they start now without a big partner?

Think about this though. We have the Socius money. If there was any sliver of a chance of Elite going through Phase 3 alone, why wouldn't we have already started last year? Consider that. All this BE and PK trial stuff is for a partner, IMHO. We HAVE the money. Management has never once said they are thinking about going alone, even with the Novel $. Question is just how close are we with a partner to signing on the line?