What is evident, They are raising cash to pay Debts, not run Trials.
Is their creditor after them for payment? They sure need a lot of cash to run their Phase III and Phase II. Where will the money come from? It looks like they have to finance again and again by diluting shares further until they know their Trial results. This is heading down to the 4's, I am sorry to say that, but they need a lot more cash for these trials.
Exactly - the old debt had a rate of ~7% with $88M of the $107M due to be repaid by 2016. This is a simple refi transaction that will decrease the rate substantially, provide them some incremental cash and push the maturity date out another 3-4 years, which by that time they will have all kinds of options to repay it.