Have seen this movie numerous times.... ceo's need to get paid, they will pump a few more "good feeling articles" to get some buyers in, then they will have an offering, spend that money... its an endless cycle until its in the pennies
There are a lack of buyers due to the majority feeling the next share offering will come before the next positive catalyst due toward to end of the first quarter if next year. I think it will continue to drift down until they raise capital an then it will plateau and move up. I think if they can raise equity in a non-dilutive manner sucks through debt, this will move back up to $18 quickly since it would indicate no further dilution and likely strong phase 3 results pending (if the phase 3 interim results not strong, better to raise with share offering before pps drop but if it is strong, debt is better).
10-Q indicates capital sufficient for operations "at least" thru 2013. Street sentiment may keep price in a range, but this is pretty thinly traded... I wouldn't want to be short should a stampede develop on a spot of good news. There is already a head of short interest that could make for an interesting pop.