When their K comes out I expect them to have over $2mm in cash which should be more than enough to get them through phase 1 and maybe phase 2. They will probably need to do one more round of financing before and FDA approval but if the results of Phase 1 are as positive as the company believes the share price should be north of $3 and hopefully we are on NASD by then.
Dream on! Phase 1 drug trials don't get done in $2mm. And they will take at least two years to clear the FDA. Then the phase 2 trials will take another $20mm and two years minimum and another 2 years to clear the FDA. If this drug gets approved in 10 years at a cost of $50mm, it will be a blockbuster. That is if a big if.