I am not surprised by the offering and if you go back and read some of my posts from the past several weeks I commented that we were likely stuck in the tight trading range due to expectations for dilution around $6
The timing is only disappointing because of the big run up today, if the offering occurred yesterday when we were at $6.24 and then the upgrade came today you might have a different perspective. I also don't think the long timers who've been in this stock since $3 and $4 were played at all, none of them including me were selling at $7
Bottom line is we still get bought out or partnered, but now we have money, sure footing and leverage to drive to an NDA. The time frame might have changed, but I'm in for the if money which is $25 not $7
Fundamentals are strong, data is solid, regulatory pathway is clear and the molecule is significantly derisked... Oh and we now have $125 million in the bank!