I guess you didn't listen to the call. They have enough cash to take them into the 2nd half of 2014. I don't disagree with you that we could see a last secondary if the stock was $15-$17. However, if they could raise 45-50 mil that should take them to FDA approval. Don't forget they will start to get EU revenues next year. I don't expect huge numbers out of the EU but they will help.
did listen they have 21 mil in cash. There are hiring a number of rather high priced professionals to monitor ... you now how budgets can go in this area. Am stopping by Ohio State to see if I can talk to 'boots' on the gournd. :)
Don't mean to sound snarky but it's worth reiterating biotech investing rule #1: Management lies, always.
But your main point is valid. With some revenue and more institutional investment it will stabilize the share base and provide a lift for higher pps. Then ATM or secondaries can be managed at much higher prices/lower dilution. Macro sentiment is important too.