There is no need to announce a dilutive offering as they already have the ability to sell up to $49 million worth of stock at any time at "fair market prices" through the December 2012 MLV Agreement. Essentially, if they need cash they direct MLV to sell shares on the open market; MLV takes their 2%; OMER gets the rest. Through the quarter ended 6/30/13 OMER had not sold shares under this agreement.
As of 6/30/13 OMER had enough cash to get them into early 2014 at their historic burn rate. Given the volume over the past 2 weeks it's almost a certainty that MLV has been directed to sell shares into the open market. The current quarter ends next Monday and the 10Q should come out the second week of November. It will be interesting to see how many shares were sold.