Here's my take on the new financing.
We are down to less than a year of operating cash, not including revenues from Vitaros milestones and royalties.
A Femprox deal was going to provide enough upfront money to remove any possibility of public financing in the near term since royalty revenue will be low in 2014.
With Femprox not happening in 2014 the company needed to shore up its ability to raise money quickly to avoid another round of public financing...and the ATM was expiring.
Sure, Aspire Capital got 1.4M shares at $1.41 a share, but the market price is at $2. Had the company announced a public offering, the market price probably would have been in the mid-ones. So this "creative financing" was a good deal for shareholders in the face of not having an immediate Femprox deal.