against the wallthe options gamble in my opinion is tied into the fact that they have run out of negotiating space...Some time ago I asked...where are they going to get the cash....They are leveraged to the max and I don't believe a financial or investment company will touch them....we are not talking small change as they need at least 10 to15 million to see them through ...maybe more as we have no idea how badly they screwed up the trial....for all we know that 66+% enrollment might have been reduced to 5 or 10%...5 or 7 million would just put them into the same position they are in now a little later in the year. And yes I am blaming Bioniche for the mess..as are the potential partners...Ask yourself...if you were going to partner with someone in a risky but maybe very profitable venture and you were putting up the money ...wouldn't you want some control in return for your stake....especially when that party has messed up on the fundamental screening and then left the existing sponsors in the dark regarding progress..This is where I see it now....Cash is not coming ...be it loan ...p/p...share offering....you would need 40m shares at 30c to get $ 12 million. With there backs against the wall they will have to give up some of their control of Urocidin ...running the trial maybe production in return for a partnership...I know McRae has said " never happen" but I really don't think he has a choice...That outcome would put value into the options and relieve the cash burn crisis...a swap of control and possible manufacturing rights for cash and royalties. This is why I believe there is still value to the warrants....although a real gamble....With no partnership a best case scenario is that the number of enrolment disqualifications was not as large as I believe and that they have been replaced and are going to announce full enrolment soon. They could then suspend the 2cd trial to save cash...and continue partnership negotiations...By the way they are still treating the unqualified enrollees. This although expensive and a further burden on the cash burn rate is both morally and ethically the proper conduct and I applaud them...Perhaps they can be used statistically in the 2cd phase 3 trial as those parameters are very different....Some news on our vaccine would be nice as well...Time will force decisions ...and although we may not get the best deal at this juncture almost any deal will do...survival first...Dusty11