The capital raising is at 70 cents to cater for the dilution. And there will be one free option at 95 cents (expires 2012) for every three shares in the raising.
Seems reasonable. There is probably buying around $1.00 to get in on the raising, but it would be cheaper to get some off the underwriters. I can't see the demand being that strong - biotech is really feeling the squeeze.
where are they now, page-4
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