PPHM will stay on track and get the PII trials started and completed.
Money will come from the sale of Avid - $30-$40 MIL range. Keeps them afloat until end of 2009, long enough to get a lot of results back and the PPS back up.
There is no chance of doing a PIPE this low, not worth it to anyone. Avid has value and it will be sold.