We know that they need more than $25 million, as they could easily get that much by executing their Azimuth option. And they have said that they have enough cash to get them through most of 2012, and I would think that the extra $25 mil would be enough to get them through the rest of the year. So the money they need from the public offering is for 2013 and beyond. Therefore, I doubt that they expect a partnership to get done in 2012.
My guess is that their prospective partner pulled the rug out from under them, they have no other white knight lined up, and it is time to execute Plan B. Or Plan C, Plan D, Plan V, or whatever they are up to now.
Not so fast!
Raising money is not for sustainability when you already have enough cash to last you at least a year. The partnership will not pay for a state of the art plant that will produce a specialty drug. Those plants can cost Hundreds of Millions of $$$'s. How much can they get out of a partnership? What about Cost of Goods Sold? How will they pay for that?
In Short: They need the money for something real big such as building a plant and COGs and marketing.