RWE for 2nd MSB COVID-19 ARDS P3 Trial, page-424

Instos don't like capital raises where use of funds is paying off debt.

So it's going to need a compelling story, bearing in mind it's been quite some time since MSB did a vanilla capital raise - the Surgcenter placement was not your usual raise (lacking major institutional support), and apart from that it's been debt. And debt as a last resort is not appropriate at this stage of development - sooner or later the time will come for repayment and there is no obvious cashflow to fund repayment.

We need to remember that product launch involves very significant cash outflows, so even assuming a successful FDA application it will be some time before a new product becomes cash flow positive. Admittedly, in MSB's case, some of the outflow may have already been incurred in the inventory build, although the extent to which that inventory is saleable of course depends on whether it satisfies the new potency tests.