A $PVCT Vignette

I think management acknowledges serious life sciences investors to whom they have spoken are the waiting for the SPA, at a minimum, to arrive before they begin buying -- the "time value of money" perspective for these kinds of fund investors. They are event-driven, quarter-to-quarter animals that need a clearer path. The share price performance in 2010 (starting in Q2), 2011 and 2012 that punished generalist funds (i.e., non-life sciences ones) in the stock is what serious life sciences folks avoided by waiting for the events they deem necessary to have occurred before entering the fray.