Here is my understanding. FDA never changed its mind that ILUVIEN cannot be approved as the CRL states. But for some sub groups, FDA originally wanted to hear the Advisory Committee meeting on 01/27/2014. ALIM was able to convince FDA that Advisory Committee meeting is unnecessary. But, the new response will cover only limited sub-groups, i.e. " to discuss appropriate labeling...". Response will be submitted in Q1 2014, FDA Decision will be somewhere Q4 2014.
When the response is filed, it is most likely a "sell on the news" since the "relabeling" agreement had boosted the stock by 70%. If the sales number in EU not looking good for 2013Q4, this #$%$ could go to even $2 again.
Essentially everyone needs to do their own research of course -- but you have a company that is starting to show revenues and increasing every quarter. News of starting sales in France any day. News of approval in Italy any day. News of expanding in the UK for another 10 locations any day. Labeling approval for the US and final FDA approval at any time. Holding this short overnight is a deathwatch.