Hi Wasa. I think the other posters have set you straight on the funding required for the OA trial.
However, I don't think it would be a bad move to raise at least some capital at this level in case either a firm takeover or the Fuji GVHD option exercise are not forthcoming. Neither of these are guaranteed.
My preference would be for a 10% raise at a premium ($1.90?) to a friendly cornerstone investor. We don't want to burn all of our raising capacity in one go. I seem to recall they asked for an extra 15% at the last AGM. This would give us some breathing room in the event that both options fell through.
Fair Value Please, page-281
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