$15m cap raise Fresh Equities at 24c, page-121

There is a huge difference in dilution coming from a capital raise to institutional investors at a 15% discount and giving big pharma equity in exchange for cash and their expertise/partnership/assistance. A partnership with Sarepta would have diluted current investors but also would have seen the stock jumping 100, 200, 300% purely because having them on our side is a huge vote of confidence in what we have. It is the same reason Diamond spent the past year talking up this 'inbound interest' from big pharma, which is now clearly made up. Me or you giving ANP $30m is entirely different from big pharma doing the same, that's the difference. The lack of a partnership means either ANP's science simply wasn't as good as they've been claiming or Diamond was just lying (or he legitimately was in partnership talks but somehow couldn't close a deal despite the incredibly strong science...).