If you are confident that the results of your pre-clinical data...

If you are confident that the results of your pre-clinical data set will be received favourably by the market (refer to summary contained with rights issue - there are number of pre-clinical data announcements to be made later this month, in February and in the first quarter of this year), why on earth would you want to raise $10million at 1.7c and dilute existing shareholders by nearly 40-50%?

I agree that they will need a larger capital raise. They should be able to do this easily and at a much higher price than these levels, but why rush to do this now?

Certainly if management are pessimistic regarding the near term share price, then raising $10 million + at these levels would make sense. However, you would be silly to do this if you (i.e., management) were privy to further good pre-clinical data results (and potential insurance recoveries)!!

Lets see where the share price heads after further pre-clinical results are released. Not long to wait now!!