I agree, to me yes the (wel designed and run) trial failed and...

I agree, to me yes the (wel designed and run) trial failed and ftt is basically a shell, but a shell with good biotech credentials, well placed to obtain a new potential product in the biotech space. 

this other company is a very new scant information oil exploration company. As someone who predominantly invests in biotech I have zero interest in their suggested a takeover by such a company or to have my remaining capital in the hands of their nominated new directors.

I want the current board to assess a suite of new potential treatments and determine the one that they think provides the most compelling investment case then
we are off and running again...