Here's one reason: the more it takes for FDA to look at the application, the higher the probability on each given day that the approval will come. Approval can come any day now and who waits the longest will be rewarded the most. I guess that's why most of us are here and that's why most of employees of CXM are there and that's why companies like this exist. Isn't that not good enough reason for you?
I have had quite the opposite experience - as having worked in the Pharma industry. The homeruns are approved very quickly, especially if they are granted accelerated review status. If Cardium's application were flawless and there were no need for further documentation, review, reformulation, juggling back and forth with the submissions, we would have had an approval or rejection by now. The more time elapses, the more the red flags that need to be addressed.
Again, I believe that the FDA has required extra documentation, and CXM's management are dragging tehir feet and being secretive with the shareholders.