Ann: Investor Presentation , page-4

The option to Novo Nordisk rather limits the upside. It would be better to get two or mora pharmas bidding on XToll.

And I wonder why, if NN paid $3m just for the option, they need to to a righs issue as well. And I can only assume that hte rights were at a deep discount to recent trading because they need the cash. So that means they intend to spend their existing cash, NN's deposit and more from our rights money. If NN doesn't exercise their option, this stock will selling far less than 18c.