A raise. @ .275 combined with warrants ex @ .42 for $7.3M in proceeds. Gets this through to complete the trial and if it works out right, this moves up nicely on results and they'll do the next raise MUCH higher imo, possibly on partnership.
Sitting at this level it is easy to forget how much dilution it takes for such a small raise. I think it gets absorbed fairly quickly.
Science is looking good imo. Should "see" by the end of March (1st Q 2016). Happy hunting.