Recommendation: Encysive: Slow playing a big hand?

I return with a recommendation after sitting idly for some time during the recent tough stretch the market has endured. Remember two things during these lulls, both in the market and at the poker table: have patience, and take advantage of discounts in value that present themselves during these down days. One opportunity that particularly catches my eye is small-cap drug maker Encysive Pharmaceuticals (Nasdaq: ENCY). They are sitting on a potentially market cornering pulmonary arterial hypertension (or high blood pressure) drug, however, it has yet to receive FDA approval to be sold in the US in its first two tries. This has caused the stock to drop over 50% despite being approved for sale overseas by the European Union. With that approval, Encysive has the bankroll to sit patiently until their drug is approved in the US, which now seems to be a matter of not if, but when. The FDA informed Encysive that their is one remaining issue that needs to be resolved before approval, and like a savvy poker player, Encysive won't divulge this information prematurely. They have been equally cagy about the EU approval, saying Thursday that they had received approval, leading to a rise in share prices, but then stating they had yet to receive the formal letter, leading to an inexplicable drop in price. I strongly suggest picking up the shares now that they're under $4, since they're sure to rise upon the now certain EU approval letter, and should double up when they catch the FDA approval on the river.