Given IPIX is a micro-cap, publicly traded company this has been a very good financing option for the company. If you look at the data as posted by Daubers (assuming they are correct and I assume they are), 40M in capital for dilution of between 20-30%, is stellar.
If IPIX was a private company going through the standard VC/PE route, each raise would dilute the founders/early stage equity holders by 20-25%. To get to 40M in funding the company would at least be through 3 rounds of financing. Traditionally a seed round is 500-2M, Series A will be 5-15M, Series B 20M+ and Series C bigger still... so to end up with 40M in capital and only see 27M shares added to the float (out of 150M is very good and significantly better than would would be the case if it were private).
The major difference is that at each traditional VC/PE round the company sees a step in valuation, which isn't the case in a public company and hence the disconnect in share price and EV.
By the end of the year, with multiple partnerships in the bag, the company will be in a very different place and I expect SP to be significantly higher.
I'm expecting several small to midsize deals, potentially from limited markets or indications (think foreign exclusives) then a large deal from a big player in the US market (maybe in 2017 but certainly in 2018). I might be wrong but the fact that Leo just secured another line tells me that things are moving but he just put in place a significant insurance policy against low ball offers or not getting the value yet from partners that he sees is fair. he can now wait them out as data comes in.
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