First post but I've been following COR about 3 years.
A PIPE for the purpose of increasing negotiating strength doesn't make any sense to me at all. Any strength comes from negotiating with multiple BP's, not adding another 6 months cash. I can't imagine that raising another $5M would even cause a BP to blink. They would just come back 6 months later.
As far as a delay from the FDA, what delay are you talking about? What response from the FDA are they awaiting?