Option 2 makes no sense. Why would a major investor buy "potential future revenue" from royalties if no BP steps up to fund the next trial? I just can't see it and makes no sense from a business perspective. 

Option 3 would be like starting over but with already well over 225 mm shares outstanding. The dilution would be disaterous, it would take forever to put together and let's not even talk about at what price let alone the likely hood of a future reverse split which would crush the sp into oblivion and not to mention company control issues.

CCD