I went directly to management/IR first. No response, not even a form letter. Since they were totally unresponsive, I'm venting here, because shareholders are owners of the company. But more than that, I also contacted Ayer Capital Management, RIMA Senvest Management, Susquehanna International Group, Ridgeback Capital Investments, and Bank of New York Mellon Corporation -- the top institutional holders to ask them what was going on & to have them voice their objection (as they hold many more shares than I do and their voice will carry more weight.
That ADS for 2,666,666 shares at 8 million will #$%$ alot of investors, especially retail since that is a big dilution like you said...but Selling bulk shares to raiswe capital is pretty much par for the course on all companies. Only event that matters near term is the interim readout of the Ph II / III trial, with resolution on how many more subjects are needed for statistical significance.
Here is to hoping "No more are needed" to "We will proceed as planned with 450 patients".