benitec raises $31.5m, page-35

I think this signals that there is no deal with big pharma waiting in the wings. If this is the case, then raising this money now is a very smart move. We can all argue about the discount but the fact is that the company has just taken out insurance against mediocre HCV results.

If the HCV results are good then this dilution will easily be offset by more investor interest and a rising sp based on these results and us having the cash to continue the program.

If the HCV results are mediocre, then the sp is likely to drop but we will now have enough cash to move on to plan b, NSCLC, while fine tuning HCV/HBV.

This announcement ensures the company's future in a way that that removes the binary nature of the HCV results. It is a conservative move but IMO a very smart one. Well done management.

That said, a deal for one of our programs should be our next way of raising cash.