PAR. SP, page-56

An SPP at this stage would IMO be a complete waste of time and money. An overwhelming percent of existing shareholders (almost entirely retail) will NOT take up their allocation given the current sentiment towards management's ability to execute. As a shareholder you'll in all likelihood get to buy in at the same price as the instos discount price as it's now under more pressure than Clive Palmer's belt buckle.

Moreover, if they rattle the tin at shareholders now it's telling on a number of levels (MPS deal metrics and current insto interest).

However, if they can place in a new (inside industry) cornerstone investor that would create a much stronger narrative.

Was always going to be a long haul but more experienced hands would understand the time value of money and had DMOAD as the upside rather than the pivotal driver of the strategy given it's still a long shot with the FDA.