There's a tug-of-war going on here. Onyx/Amgen (or Celgene or Janssen) want to license PAT-SM6 but PAB want to hold onto it for as long as possible and maximise the value. PAB will never be able to afford to commercialise it - as this rights issue shows they are finding it hard to raise money even to manufacture the product.
It's too early (during Phase I/II) to do a good deal because PAT-SM6 is unproven, so Onxy wont pay much if at all.
As evidence of safety (done) and efficacy come in during trials, the value of PAT-SM6 goes up. This is where we are at now. I'm pretty confident that if current shareholders wont support the rights issue, it wont be hard to find someone who will.
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