Did you hear about actual size of offering and price range?
Depending on price and size - it may not be that bad.
It has 15 million o/s ADS and market cap of 153 million - if they issue another 10 million ADS at $10 - co gets some $100 million and eliminates operational risks as it has too many trials going on.
With some good trial progress - this could be back in 6 months