If cash in hand was already $18m, then there was no need to raise this cash at this time. They could have done the raising in say 6 months time after some efficacy results were known.
This whole IPO thing has been a monumental stuff-up from start to finish. Rushing it in just before the first efficacy results looks very bad, as it suggests that mgt are fearful that the TT-034 trial will fail. And everyone from the underwriters to the US investors seem to have picked up that message. The amount raised is way down on initial stated expectations, the issue price is way down on initial stated expectations, and the market price has dived even below that.
Does it mean that mgt know the TT-034 trial has failed? Well, I hope not, because if that is the case they have operated illegally by not informing the market, and I would be happy to see them jailed for it. [BTW I find the whole operation of the market thoroughly depressing, with rampant manipulation and rumour-mongering and, even worse, no-one caring about what is going on. The basic problem is that over the last couple of decades children have been leaving school without any education (thanks principally to teachers' unions), and if any of them ever bump into an ethic they won't have a clue what it is.]
Anyway, today is crunch day. Do we think that mgt know TT-034 has failed, or do we think it will work? BLT has been through years of absolute pain to get where they are (endless Nucleonics lawsuits etc), and I really doubt they would have done that if they didn't have faith in their product. And let's face it, every result to date has been good. So to me, it's time to buy a few more. I last bought at 0.585, so those ones have done OK (earlier buys are underwater) in spite of the recent shnanigans, and I have put in a small order (I don't really have any spare cash) at 0.75 this morning. After that, it's just wait and see.
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