its not underwritten but Bell Potter could scoop some up on behalf of their clients, or Paul Hopper may dip in for some more.
But they have around $7.4m from Insto investors.. so they will get some more from retail and could do another raise early next year.. a bit earlier than they would have liked, but conditions may be better in 2023 with cohort 3 and cohort 4 of the CLTX trial reading out by then.. as well as other trials starting.
So if they don't raise the $18.1m they are asking for at 0.17 cents.. and the next raise is higher than 17 cents (e.g. in early 2023).. then that would actually be a better outcome for shareholders and the company (albeit more work).
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