this looks soooooooooooo cheap, page-9

Utter, Utter, Utter rubbish. Not even a gamble, mate; they have nothing, and will amount to nothing. They give the biotech business a bad name; crap project selection, egregiously bad management; denial of the truth (remember they never did announce the clinical data of their pain "drug"; ever wonder why not?) No institutions in this one, only suckers who say "oooh, they are trading below cash..."
There are three main reasons for that:
The previous management have not gone: they are all there in a consultancy capacity!! (sic) (I dare you to ask them....)
The money is needed to pay out the likes of their CEO, who will benefit from his mismanagement to the tune of 500k when he goes
They have nothing; there is NO chance of a deal; the pharma industry are way too good at due diligence not to sniff out the gaping holes in their shoddy work.

Please people, walk away; go buy something nice and secure like an Iranian zinc mine (UCL) LOL