Bridge financing, not loan. Keep in mind it has no maturity date where we are obliged to redeem it or be put in default without recourse.
We won't be able to use deal funds for anything but B-OM and IBD development, unless the deal comes with strategic investment funds. That strategic investment would be at around market price of the shares. BTD, if we get it, would be before the deal consummates, so presumably share price would be higher than down here. But I wouldn't count on a strategic investment; it is rare with partnerships, so would be nice but nothing to expect.
Speaking of recourse, and I've said this before, with our precarious capital position the past 8 months the BP licensing deal would include recourse to our Brilacidin IP (the license) in the form of an "assignment" so that if anything were to happen to us they would take it over. BP M&A folks are not foolish. The development funds are a project capital investment and they would not let that revert to anyone they might have to pay additional money to. Nor would they want to lend money to us to keep us afloat.
If the BP is inclined, they would consider a strategic investment but really only if they were interested in our whole pipeline. (The adage, why buy the whole pig...) :)