Next PIPE? All depends. There might not be a PIPE again, but then maybe there will be. All depends on when they finish the eye trial and the EB trial. if either of those work, you won't need a PIPE deal. You'll either see a normal scondary with REAL institutional investors....OR....RGN will get a partner and the cash they get upfront will hold tem for a while...and teh partner will take over trial expenses from then on...and RN will get milestones.
If the two trials are not good...I'm not sure what happens. Who would buy the PIPE??? Won't be much left.