I also agree that for a OA partnership leading to a US phase 3 trial is very limited. The phase 2 data may help Harris' Japanese sales and marketing efforts. The phase 2 dtata, in my opinion, is not strong enough to attract a big partnership. However, the scleroderma r/d may interest some partners.
1. Scleroderma phase 3 data (for release mid 2017 - a very long wait and people are not patient presently) may probably be positive for US registration. Extensive clinical data from Ann Arbor and Chicago NW Medicine clearly points to positive results, when cytoxan is used in combination - but cytoxan is very toxic and patients are in late stages (with organ involvement), and there is a lot of death. The French study clearly indicates stem cells works in less advance illness stage. Placebo effects may not last, as in acupuncture (which requires multiple punctures), as scleroderma is aprogressive illness.
I think before the release of the phase 3 data, there will be a run up in PPS, in anticipation of positive results. The company can raise more money then.
2. Japan sales and marketing under Harris will be good. Harris knows the business. But EU sales activity appears to be disappointing.
3. BARDA is moving to center stage. I think Marino is selected fo move this program into phase 1 and beyond. I think CYTX will use the phase 1 IV safety data and bridge this with other phase 2/3 clinicals, including Crohn's and systemic scleroderma. This may be wise in using money effectively nd timely.
Just my thoughts, while interest in stock appears low presently, as reflected by the trading volume.