Dilution is never good to see but its necessary in BioTechs. If it is one investor as you suggest they would have some better knowledge integrasyn. It would give some confidence to see a person/organization investing $12 million in the company
The IPO should be based on the open market fair value. I would surely not speculate that the IPO is only for one to a few select investors. Is this guess based on any factual evidence or simple speculation? Everyone here has grown very well accustomed to listening to hype and speculation over the years.