I'm guessing that BNC is making the application to HC since getting control back from Endo. Therefore one can assume that it must have been a contractual requirement that BNC could do NOTHING with respect to Urocidin without Endo's approval, correct? Who is to say a new partner doesn't demand, 'We don't want you doing that. Stop the application.'  

Not to mention that if they find a product/trial sponsor and undertake a new trial the Feds don't say, 'Now that you've found a new partner and you're running a new trial, we'll wait for data. 

Realistically, at this point, are they more or less desperate than when they signed the Endo deal? My optimism wanes......