The last thing any biotech stock wants to have to do, is go hat in hand to another company for money in order to bring it's product to market as approval draws near. KC is well aware of that, and isn't about to let that happen. Any CEO would want maximum leverage in either bringing the product to market themselves, or in a selling negotiation. Unlike, the last offering, which was poorly priced and larger than necessary at the time, this offering is well timed and the right size. EXAS was able to replace a years worth of burn rate with this offer while doing so at the middle of the current trading range. Excellent move.