The main point from the cap raise was it gave a clear indication that a commercial result was further out than the existing funds would take them (beyond 2023). Some people including myself were expecting a commercial deal before the funds ran out (based on the messaging from Leslie and Paul). This would mean that the cap raise would not be required, or at least raised at a much higher price after great results.
The CF33, Vaxinia and Oncarlytics Deal, page-519
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