Ann: Update on Institutional Placement and Entitlement Offer, page-421

If cash and the ability to raise it is not a problem ( which evidence suggests it is not, CEO says it is not, and shorts have been happily funding it on the way down ),

They might be trying to get something over the line to be in a better negotiating position prior to partnering, or it could be a precondition ( just like Novartis had their preconditions ).

Remember until the FDA have approved something based of an MSB release assay, right now they may never ... so why would anyone partner. It appears that it does not matter how effective a product is when the release assay is not fitting the concept the FDA have for it. It would seem a drug could give a 90% mortality reduction, but if the release assay cannot explain why the 10% did not respond , the drug can be rejected.

This is the level of ridiculousness we are stuck in.