If they were to sell that many shares at that price, that would mean taking in $2-3 million in cash. Which would cross the line--in my view--between facilitating a deal or acquisition, versus paying for operations on a solo basis. That much money would pay for 5-7 months of operation at least--considerably more time than needed to finally determine whether the other party in the partnership negotiations is acting in good faith (already questionable) or not--and if not, to be acquired.
It would not, however, be enough to carry out any kind of meaningful internal task, like running an ADHD trial.
Bottom line: If they do a financing, and I think there's a better than 50/50 chance that they will, it should be considerably smaller than what you have suggested as likely. There is no justifiable reason I can think of that they would need to raise more than $1 million--because that would take them through most or all of the 1Q:10. That would be enough to complete either type of deal. If a partnership eventuates, and it leaves them somewhat short of what they need to run an ADHD trial, that will be a much better time to raise the difference.
Is there some aspect or contingency that I haven't thought about? Maybe, but nothing relevant comes to mind.
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