Yes, debt is risky for developing stage companies, but not in this case..COR should obtain $20-30 million mid-term loan and pay it off with Big Pharma upfront proceeds and/or equity purchase at much higher prices or wait to do a secondary at higher prices after the Big Pharma deal is concluded. The loan proceeds would give COR the strength from which to negotiate a better deal with the pharma companies.
In no way should COR issue a secondary offer prior to the Big Pharma deal...that would be very unwise.