I can answer your question. Once Alan Greenspan put a torpedo into the bow of the the NASDAQ, the buyers evaporated in an instant. Unfortunately for ILXO longs, at that same moment a bunch of shareholders went running for the exits. It wasn't pretty.
On the bright side, ILXO was not singled out for misfortune. Most biotechs tanked simultaneously. For example, our Campath partner (MLNM) was at $66/share before Greenie blew it. By the end of the day they tanked down to $60 3/4.