Cap raisings are always a possibility with biotechs. I was...

Cap raisings are always a possibility with biotechs.

I was surprised there's no placement or underwriting. But maybe that really is to look after us current shareholders (rather than the Bell Potters of this world).

And perhaps no underwriting as anns will flow, as some have suggested.

The other surprise was the amount they are raising. When I first saw the ann, I was expecting something like $25m in total, with a wad going to a placement.

But ptx run a very lean machine, unlike most bioechs. And maybe it's all about just getting to that first big pharma deal. In fact maybe this extra cash is to help with negotiating too.