Exactly - there were several other options that would have been better for existing shareholders - sell the company, partner Marquibo, etc. - instead we get the ultra-dilutive offering. You expect something like this when you have a drug that has a high risk of approval, but all the signs are that Marquibo will easily win approval. They could have done much better than this offering in protecting the value for existing shareholders.
"The likelihood of success with Marquibo is very small"... what planet are you on? They beat the prescribed SPA endpoint with only half of the patients being treated in the current trial - the safety and efficacy of Marquibo are well beyond regular vincristine. It is a better version of a drug that has been approved for years, so how can you assess the likelihood of success as "very small"?