NotRichYet2, IMO it doesn't matter especially on a

NotRichYet2, IMO it doesn't matter especially on a royalty deal. For example IPIX gets a deal that includes $XXXM upfront $YYYM hitting milestones and ZZ% of total revenue. Lets say the "market" gives it a $3-4 /share value the day of announcement. It doesn't really matter if the previous day close was 12 cents or $1.12 it is going to gap up to what the market values IPIX shares at that point which in this example it is $3-4/ share.

Again IMO if a Big Pharma was negotiating to buy entire company they could try to leverage the lower share price for a complete buyout. My hunch is that Leo will get 2 to 3 royalty partnerships in place at which point IPIX value will be many times higher than it currently is at which would put IPIX in the drivers seat to negotiate a large buyout with multiple drugs bringing in annual royalty checks.

All of the noise about whether or not the MFO is selling or shorting ONLY matters to traders. Long term investors are hanging on for much larger returns and in my example above I am guessing most will shave off 10-20% of their holdings AT MOST and keep a vast majority of their position for a double digit share price, Again JMHO.