Have always thought that it was unlikely that this funding...

Have always thought that it was unlikely that this funding announcement would come by the end of this month. Seems to me that the later they leave it, the more certainty there is about the Fonda revenue stream.

The more certainty there is in the Fonda revenue stream:
1) the higher the share price (and thus the better any share price based funding option) or
2) the lower the risk for any lender.

Would not be surprised to see funding for Phase 3 delayed another 1-3 months, or longer if the global risk aversion persists. Worst case is that they delay till Fonda revenues commence. This may be worth doing, depending on the life of the HyAct patents and the expected HyAct revenues.