All small research companies, biotech or otherwise, go through...

All small research companies, biotech or otherwise, go through development stages. They all start of with a good idea and a small amount of capital to develop that idea. With time the idea may be shown to have real merit and more capital is required to further test the idea and often again, if all goes well, to commercialise it.

Therefore expect capital raisings and be prepared to support them or be diluted. If you have a problem with this concept then perhaps consider instead CBAs and BHPs for your investments.

I will be taking up my rights. If all goes wrong and it drops to zero I will not loose any sleep over it. I never invest more in spec research companies than I can afford to loose.