"Raising money means selling shares, no matter how it’s structured."
Then again there's always debt, if you can find a willing investor.
But "no matter how it's structured" minimizes the impact of the terms of the deal. In this case IPIX sold Preferred with a face value of $1,080 for $982.50 which is being converted at "85% of the lowest VWAP of the Common Stock on a Trading Day during the ten (10) Trading Days prior to and ending on, and including, the Conversion Date".
If you invested $1100 today you would get 10,000 shares in return.
The same $1100 would get the MFO 12,932 shares.
The 15% stated discount amount is actually overstated....it's really 23% because of the discounting of the purchase price ($982.50) and the premium of the face value of the preferred ($1,080).