Personally, I am dissappointed to see this raising. I'd rather take a gamble on results than see $1mln in cash for 10% of the company.
To anyone saying that institutions / sophs do not throw money around, this could not be further from reality. We are barely over $10mln market cap. Even $1.5mln spread accross multiple investors is a rounding error for most. You wouldn't be able to buy a decent house in good location for 1.5mln these days.
My 2c is that they should have waited. It's not that overly hard to spin a story to get $1.5mln even if the last hole is not spectacular.
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