Ann: BTM delivers positive First in Man results in Cell Therapies, page-179

No, it doesn't matter to shorters. If they determine that a company likely needs to raise capital (for whatever reason, whether to light on fire in their office bin, or to effectively develop the business as PNV have done), they will short the stock in anticipation of being able to cover their short position into a large liquidity event. Unfortunately this can create downward momentum and create a bit of a self-fulfilling prophecy, because they can short more and more, confident they will be able to cover in a large block size into a discounted raise. This happens so often in the market I'm surprised you're unfamiliar with the strategy. It's exactly what happened to LTR and SYA, for example. You can tally up the shortman chart and see the shorts covered into capital raises each time. It's why LTR are back up in the top 10 again, because their cash balance is getting tight. It's why MIN are in the top 10, because the markets are betting they'll have to raise to cover their debt position. Cettire are in there for the same reason, because they're losing money and facing shrinking margins. etc

If you have a better idea as to why, after the January and February announcements, the short position mooned, I'm all ears. But please provide a reasonable hypothesis that can be backed up by other similar occurences, not the usual sort of dribble HotCopper producers ("shorters trying to drive price down so their buddies can do a takeover" or "shorters trying to push us out of an index").