The amalgamation was an expected event and that's why it did not have a catalyst effect on the market.
The market is also expecting a partnership, it is highly doubtful that there would be a buyout of a phase II drug when phase III trials have an average 62% success rate, that would be reckless.
A partnership announcement would be a catalyst that would indicate independent confirmation of potential future revenue related to the platform.
I don't think that new pipeline success would be much of a catalyst for institutions to risk capital either because the market/institutions have heard the H2S story for many, many years.
My guess is that from an institutional investor perspective we're at a "Show-me, I'm from Missouri" point.
Once the amalgamation is signed - then the stage is set for confirmation of the H2S platform from a large pharma company(s?), then I believe institutional investors would be willing to "share the risk" and invest once they see that confirmation from a partnership.
"Going it alone" would not be a catalyst, I think that would be a stressful, expensive and hazardous trip.