GAC - The challenge I see with your train of thought on your IPO timing would be the 60 day quiet period that companies have to go through after a listing. Your example of Top Line 12 July and IPO 15 July would squash their ability to get the most out of the press at the major Cardio Conference beginning in late Aug that they have 2 presentation slots at. 

If they are able to announce a 35% to 45% RRR crowing about it at a major Cardio Conference would get them a boat load of press. In your scenario they would have to remain quiet until 14 Sept, eliminating all that free exposure. If an IPO on the NAS was to be done it would make good sense to have it done a month earlier or in the next 4 to 6 weeks. 

Personally I do not expect to see a NAS IPO prior to full data being released. The potential for a lot of legal action doing an IPO prior to Top Line or full data would be massive. I would also welcome being totally wrong on this line of thinking.

tada