I think the issue with the warrants is that new investors will not bid the stock up until the warrants have expired - and you cannot doubt the logic behind this: all professional investors know when the warrants expire and that unless something so compelling happens between now and the end of May nothing is going to happen to the stock price, so why would they bid up the price and cause the stock to be diluted by 4.5%?

So, we're stuck with a price in the 8c - 10c range for the next 2 months, by which time there should be a decent head of steam built up as a result of good news.  In the meantime, feel soory for anyone who needs to raise cash and has to do so by selling ANX stock at an articially deflated price.