book, page-177

Anything is possible, especially with the cash runway they have and the run in SP.

Pharmaxis did it recently and got two heavy hitters on board.

To me, it means you are negotiating from a position of strength. Otherwise the negotiators will say 'oh well, we can only give you this sort of deal because your cash situation is such.'

Look at VLA which super knows well. Issued Lepu 13%, VLA was then fully funded to handle trials on their own. Merck then snaps up VLA with a takeover.

However the other 'side' is it looks like an insurance policy on poor results. I don't believe that will be the case here.

Factor's results are soon to be released. They are expected to be good and the board seems quietly confident. I would say it is extremely unlikely they raise now so close to results. If you were going to raise, they should have done it early October at the latest. I'd say they will raise after they release results in mid November.