This is a decision that is akin to deciding which baby to kill. The RD indication has to generate enough capital to keep the company solvent until the next molecule/indication can start generating money (or until the RD indication is approved in the clinic, and cash comes from that). If they settle for too little they will just be postponing the inevitable.
If they do a PIPE, they are buying the time that a BP will need to reach a decision, but in this target-rich environment, they could miscalculate on the time-frame there as well, since there are so many buyouts/partnerships to choose among (not to mention that there's no guarantee that a BP will actually come through). At the end of the whole process, with the PIPE money spent, share-price at <$0.30, and delisting imminent, they may have to settle for the deal they could have made now, without a PIPE, but on worse terms because they have their backs to the wall.
I think they should go for less upfronts, with a partner who could turn RD into a money-maker faster (i.e. in a veterinary setting), forget about the high-impacts for the next year, and focus on getting the low-impacts into the clinic for partnerable indications.
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