Tread lightly with the stinky pinky's, I'm sure I don't have to tell you how difficult it is to get paid off a pinker. If you are looking for a solid little biotech company then check out AOB, not as speculative as your's but they run a tight ship and it's still a pretty small company (market cap around $650 mill).
Also may want to check out SIGA if you're looking for a micro/small cap speculative play. They're very close to getting their main drug (SIGA-246) approved by the Govt.. It's a Smallpox cure (as opposed to a vaccine which is the only thing out there now which causes serious side effects in some people. The only other similar drug is Cidofovir which isn't very effective according to what I have read). Very recently, a small child got exposed to his father who was treated with the smallpox vaccine and got seriously messed up. The only other drug in the same ball park as SIGA 246 is the aforementioned Cidofovir which was given to the child and was ineffective. They gave the child SIGA-246 and all reports indicate that it worked and the child is improving.
Regardless of what you do, good luck man.