i hope you are right. #3 should have been announced last quarter pending internal review board approval of said 'prestigious institution'.
Still, 5M will have interest and principle to be paid. i believe the correct thing to do in a crunch would be to go for the gold. At least in the short term there is more to be gained in Phase 3 NIU/Bechet, then a POC. xoma has indicated they would like to have results from all poc's before choosing which result should move to the next level. This indicates to me xoma clearly intends to reach success in their current phase 3's before moving focus to other indications.
It will be very interesting to see what POC's Servier has decided to run.