cap raising - why so much, right now?

A few questions about the cap raining timing:
Why try to raise the whole funding for the Pivotal Trial (prev estimated at $25-30m)now when FDA approval for the trial hasn't been received and when CE mark approval is supposed to imminent (target was by June 2012)?
Raising $25m when price is approx $US10 will mean extra 2.5m NASDAQ common stock on top of current 6.2 m or so issues shares (CDI equivalents) with resultant share price of $7.93 on NASDAQ (based on last night close of 9.40, mark cap 59.0).
Couldn't they have raised enough for next 3-6 mths operating expenses with future clear strategy to go to market for definitive cap raisings following subsequent announcements of CE mark or FDA approval.
Was the company that short of cash recently? Had $3m cash at Mar31 and $6m last Dec31. Looked like they were using 2.7m every 3 mths so maybe they were.
Would be interested in others views re alternative strategies.
DYOR