Ann: Biota appoints Piper Jaffray as financial ad, page-3

re: Ann: Biota appoints Piper Jaffray as fina... Asteroider

You may choose to take this news as negative, however, there are also positive reasons why Piper Jaffray may have been appointed.
Until/unless we know more, speculating that this means a grant was unsucceSsful is drawing a long bow.

Now maybe you just want to load up more at a lower price.

IMHO