Although it might seem like we would have got a higher raise...

Although it might seem like we would have got a higher raise price if they waited - this would also mean they would be asking for money when the bank is nearly empty - meaning investors would know they are desperate and still drive a hard bargain. Investors are in it for the best deal they can get and not the collective good of small shareholders. Ultimately if you weren't selling at 18-20c recently u were waiting for phase II success anyway so don't sweat the temporary lull.
Does anybody remember the likely timings around phase II?