$36.8m raise, page-21

allocations have been issued. reasonable scale back. will be announced to the market on Monday.

will it drop to 20c? who knows, but an an existing shareholder, 24c plus the oppies is very decent risk/reward. remember sarepta went from $60m to $6bn, a 50x increase.

going alone without a partner doesn't mean anything. having been in M&A previously, deals fall over for many reasons - mostly around risk and reward. I've seen private equity walk away from deals only for the target company to go on to IPO at higher valuations.

if the deal with big pharma wasn't in the best interests of the company then the board did the right thing to turn it down.