Any competent management team will try to maximize the timing to achieve the best possible terms of any capital raise for the benefit of all shareholders, insiders included. I believe that Linda Powers would have done that too if she could have.
That fact that she felt the terms of the last two raises were the best that she could find in the near future speaks volumes regarding any potential looming catalysts. Out of all the unknowns, the one thing she probably has a pretty good idea (timing wise) is the conclusion of the investigation. If every other potential positive news event is contingent on that wrapping up, she would know that the likelihood of any unexpected positive surprises from either trial, and the new one, would be nil and have to accept the money available and the strings attached to it. Or there's always the other scenario that those were the terms chosen for the reasons I previously outlined.
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