I'm sorry but your logic makes no sense. Only 49.50 million in cash?! According to the conference call and looking at cash burn, they have enough to get past the unblinding of the Valor trial, well into 2014.
Logic doesn't support his hypothesis. The institutional money here understands that we are just chugging along to what will most likely be an approval. They are more than happy to gobble up the scared little sheep that don't bother to dig down to the details of what is actually happening. It's the law of the jungle.