How you figure that? Trials against rapidly fatal illnesses tend to be less expensive than others. Preliminary results in GBM are insanely good (and we'll be getting another peek soon). Potential sales range of Azixa extends to practical infinity (should it be effective against all tumors in brain and also inhibit all multi-drug resistance). Once a cancer drug is approved with even a single indication, it gets tried off-label for everything plausible--effectively, investigator-funded phase 1b-s.
Management isn't likely to agree to sell out at any price before, oh, June or so. Hostile offer before year-end might work around $28 (and nobody will offer that much).
The ways of FDA are mysterious, and often influenced badly by incautious remarks. The extreme close-mouthedness of MYRX management may be read as hope for a pleasant development. Such hopes are usually, but not always, vain.
rapidly? you got to be kidding! They need a reasonable number of patients plus LT survival data to show. It will take at least 2 years to collect data. expensive? of course, it's all relative, right? The trials will be very expensive to MYRX, they will go broke once trials are over.
For relapsed GBM, long-term survival is 6 months (typical is a bit less than 2). That is exactly why the business goal is to establish Azixa as a salvage treatment for GBM.
Relapsed melanoma with brain involvement is somewhat less immediately fatal, but again, a 2-year study would have precious few survivors in a "best conventional treatment" control arm. Preliminary results are a little less dramatic for Azixa here, too. A fairly plausible course would be for FDA to allow compassionate use (=no profits) of Azixa against relapsed GBM (GBM families could get real feisty on the basis of a good 2b result) while a real phase 3 was done against melanoma. If Azixa gained approval against melanoma, GBM could be included on-label on the basis of open-label results against a historical control. Funny stuff happens around miracle drugs, and so far, for GBM, Azixa looks like a miracle drug (half of patients respond, responders live more than 4 months and there's a multi-year survivor. And by the way, this was before dosing was changed to reduce deadly side effects).
The rule of thumb seems to be that a phase 3 costs about $100MM a year. That is well within the resources of MYRX.
Again: neither of these illnesses is the real business target. But the first goal is to get the drug onto the market.
There is no need for Myrexis to manufacture the drug themselves, and selling expenses are modest for a drug used initially in tertiary-care settings.