I just finished listening to the CC.
Several points I picked up on. (and Watts notes were helpful in knowing what further discussion would take place during the course of the call)

1. There was no guarantee by Amick that a partner would be signed. He made an off the cuff statement that Surfaxin would be successful, not that DSCO would sign a partner.

2. DSCO has been looking for a partner for months (I won't reiterate the time points) They indicated more than one had been through DD, but no one is to the point of discussing actual terms yet. Bear in mind that some percentage (high or low?) of potential partners will drop out after DD because they will not like what they find, or do not wish to invest as much as DSCO wants, or do not share DSCO's evaluation of the chances of success, etc. They did say that "some" potential partners are apparently waiting to hear the results of the FDA review of the trial protocol. I thought their responses, or lack of, to the line of questioning about why no takers yet were rather disconcerting. The fact that "some" potential partners were waiting to see the trial protocol approved indicates to me that they were not as impressed with DSCO's prior work and chances of future success as DSCO is. If their DD review was as positive as DSCO's public statements, they would not be so hesitant.

3. With regards to the timeline for the trial, I came away with the impression that it could be as late as mid year before a trial might start. I need to listen to this again. I think it is a safe bet that any FDA review will be a class II. The next submittal will contain new trial data, so by FDA procedures that is an automatic class II.

4. DSCO continues to burn $6.5 million per quarter, and plans to continue to offset this with stock sales. TI believe it was Amick who said they intend to seek new investors. The 60 cent CEFF does not have sufficient shares remaining to finance DSCO very far - only some 7 million shares remaining. DSCO desperately needs to get the stock back above $1.15 to be able to utilize the other CEFF. Either way, dilution is coming and that is what the 200 million authorization is for. Cooper was very artful in going through the cash position and the CEFF and saying they were good through the middle of next year before he got around to mentioning the loan payable in April. I point out again that the current accounts payable plus the April loan use all the current cash. DSCO is broke and living on dilution, $6.5 million dilution every 3 months. At today's price, that is 8 million shares per quarter.

5. There has been no restructuring of the Quintiles loan. In this CC they broached the subject of attempting to pay Quintiles with stock rather than cash, but said that had not been agreed to yet.

6.Based on what they said in the CC, I do not see how any partnership is happening before the ASM. Perhaps not until nearly next year. They stated they have not started talking terms ("money") with anyone yet. DSCO will need to go forward using the 200 million shares if approved at the ASM.

7. As far as the comments about the "new team" at DSCO and Amick's comments that they were all focused now and working hard now... The only change in the team I am aware of is minus one Capetola. It seems they were not focused and not working hard before. So why are they still there? I think Amick should grow a pair and clean out some dead wood.

On the whole, it was much like previous DSCO CCs. We are focused, we are working hard, we have a great pipeline. We hope to have some good news for you soon, but not yet. Just give us some more money and watch what great things we do with it. Blah, blah, blah.