I think you're right about the ducks being lined up Blueballs,...

I think you're right about the ducks being lined up Blueballs, and so do a bunch of "ptofessional and sophisticated investors". The placement was heavily oversubscribed at 44c, and had to be scaled back.

But my sentiments are more in line with Barbarian's, and I wonder how they got themselves in this situation where they had to go to market just prior to the announcement of the Phase IIa trials. I recall from previous announcements where they said that they had sufficient funds to fast track additional work that would enhance the value of CBio should the trial be successful. I think some explanation is owed on why they got it wrong on the funding.

It's not the end of the world - an additional 11 million shares added to approx 150 million existing - but it doesn't instill confidence in management.

I also note that there is not a dump on the market as there was after the last CR. So the buyers here appear to be holding on for the result. That's the good news.