Technically speaking a friendly bid is possible and with no...

Technically speaking a friendly bid is possible and with no dilution.
It would be enough to agree to buy the shares on the market at a specified price and with a new binding agreement signed by the management and the bidder and QUT that the IP will be transferred to Tissue Therapies at the agreed figures.
Afterwords, the bidder could just provide working capital to Tissue Therapies until completion of the project.

In this way , there would be no further dilution that would further aggravate the situation.
Let's remind that there are already 300,000,000 shares issued and outstanding.