Aiming, Having the ability to do another interim financing helps in negotiations, at least somewhat, since otherwise pharmas think they can just wait until year end when the money runs out. Varney has to give himself whatever flexibility he can get, since otherwise he probably doesn't have very much leverage. He also needs the ability to raise money if/when the pps goes up, so he has to get the share limit raised.
Varney's going to do a deal. He really doesn't have a choice. I figure if he can get $8 mil in upfronts, they might be able to supplement that with an equity position to the partner for another $4 mil, plus perhaps a couple mil from the exercise of BAM warrants, giving Cortex maybe $14 mil total overall. Then maybe a financing somewhere along the way at the higher pps, and at least Cortex would then be able to get to the next clinical 'payday'.
Of course I'd prefer a quick buyout at .50 cents, but it looks like Varney wants to stay independent. Ultimately though he may still decide to go the MA/buyout route. I guess we'll find out soon enough. I still believe in the technology/compounds. If Cortex isn't able to advance them due to lack of funds, then another pharma will.
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