"It would be much better to see him execute a $25-$50 million dollar cash up front partnership with Astellas or anyone else."
I agree WST. What I hope to see is a deal to bridge the gap with enough cash to get the firm comfortably through the point that visibility is clear for BARDA and ATHENA. Obviously the worse case scenario is another high cost equity offering. This means that management is currently looking at all other alternatives. It'll all depend on the proposed deal terms - will the cash received be worth what they are giving up compared to more equity dilution.
CYTX is probably worth a lot more to a big cash rich firm than as a struggling independent and capital starved firm. The lower the stock goes, the easier it will be for a cash rich firm to try to buy the whole thing. To me, this is the greatest threat to management, not anonymous message board threats to vote the bums out. If CYTX's approach can be a big commercial success as many here hope, then current shareholders will reap the most benefits if the firm stays independent - even with one more dilutive offering.