How else do you expect them to raise money to fund new trials? Nobody got screwed, the market price is relative to what people think it is worth, people knew they would have to fund new trials and so this was in fact expected, just nobody knew exactly when. For $4 a share they got a reasonable price per share.
There is no "defending" anything, find a similar company that offers shares at above market price... There are none and to be only .20 above the offering price just shows it was at the right price... Currently a small 5% increase. A sucessful offering results in increased operations and research, which results in increased price.
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