i thought they would raise cash before the panel, since a negative recommendation could have been potentially disastrous, especially considering the heavy manipulation the stock has endured (and continues to after the favorable panel decision, imo).
as a long, i wouldn't have had a problem with a pre-panel financing, or if they decide to do one before approval.
based on the post-panel price and the $147M mixed shelf, dilution would represent approx 10 to 15% and given the near term prospects for some ROW partner cash & early indications (3rd qtr) of the rate of uptake for Provenge in the market, i think the market will start to price in higher sales multiples if the numbers reflect positive trends, which should help minimize future dilution.
then consider the value of their immunotherapy platform for other cancer indications, and dilution is not that big a concern...execution of their sales/market penetration is/will be more important.
jmo