"BioLineRx Ltd. (the “Company”) announced that on March 4, 2013, Yakov Friedman, a director, resigned from the Company’s Board, noting that, because he believes the Company’s stock is significantly undervalued, he disagreed with the Board’s decisions to engage in capital-raising transactions and recommended instead that the Company make the most efficient use of its existing cash."
Well, that is actually a bullish indicator. He thought dilution (Orbimed) at this point in time is not necessary since the stock is very undervalued. I assume he simply adviced to wait for a better price to raise the money. However management objected and wanted money to advance/expand product pipeline now and not to wait.