share price and cash

Is it a triumph of hope over experience saying that value will return to this company when its mkt cap goes from 400+ mill to 40 mill and in between its picked up 20+ mill via a raising at $2.10 which will last about a year at the current cash burn rate of 19mill to June 08. Am I wrong please tell me their latest figures don't show 13mill cash. On another thread StevenJ has been on the phone to the company who suggests that they'll not raise cash with a placement, would the co say anything else when the last raising is so far underwater and in the current environment, my point is take that with a grain of salt. They've got hardly any cash and when the price recovers (yes I live in hope, and experience says there will be a market bounce that will take all with it)they will tap the market for cash. To my mind they have to, the majors do not have to deal with BMN, think about it what happens to BMN if the majors ignore it for say a year or two will you want to have your shares for that long reliant only on their current cash reserves?
I hold (free carried from years past)