Nothing wrong with raising cash for a biotech like NTI and I...

Nothing wrong with raising cash for a biotech like NTI and I agree, the discount is actually rather small when compared to many other cap raises. The disappointment lies in the exceptionally poor timing.
With announcements like today which don't come very often, one would expect a very significant rise in the share price. Hold off the CR for a couple of weeks and the vwap would be much higher thus limiting the dilution. The company may have been valued at 50% more when the raise would be done meaning that its not 10% equity and 10% dilution but significantly less.
Additionally, the CR indicates the price at which management rate the company at and like I said above, if you sell the company's shares for 10 cents, no-one in their right mind will pay significantly more.
Management have anchored the SP in the mind of investors at 10c for at least the near future which was a time when there otherwise was the prospect of significant growth due to the significant progress that was achieved.
Management are to be congratulated for running two successful trials, but their business acumen is either lacking or like Tony above states, they have done a pretty deal for mates leaving retail holders out of the equation and eroding their potential profits.