Most likely the potential partners wanted too big of a slice of the Atryn pie; ie. profits GTCB would need to avoid a recurence of their present problem. The company has a hill composed of time to get over until they can generate their own sustaining revenues. The time is not really that long. Considering the likely options this dilution is probably their best one, certainly IMHO a better one than giving away vital future Atryn profits which would result in a huge very long term problem.
"why considerably more time than originally expected"?
If I was the potential partner I might want to wait for some more complete data from the trial (aprox. what would be submitted to the FDA). Even if GTCB gave the partner the raw data it might take them a few months to go through it.
Of course, even if this WAG is correct you still have to explain why GTCB was not aware of the partner's position.
I guess the worst scenerio is that there is an undisclosed issue in the data. But if so, why bother with a $6mm finance?
It appears that any new partner has decided what's the rush. They can sit back and watch the DIC trial unfold and take a chance at paying more for a sure shot of success.
I still question the hiring of the new employees last year.
Dew, I know you disagree with me but it is time for a reverse split which would get rid of the penny traders and bring in a much higher class of investor. It also might be time to get rid of Cox and bring in someone with better Wall Street connections.
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