Given my prior calculations, and by taking the prior cash burn rate forward, we were on pace to run out of cash by August/September. This of course did not take in to consideration any increases in revenues nor exercise of warrants. 

The above being said, I'm not at all surprised by this move from the company. You can't wait until the very last moment otherwise you get a raw deal. Though traveling at the moment, when reading the terms they seem quite reasonable. We get $8M for less than 7% dilution (assumes prior warrants exercised etc.). But more importantly WE KEEP CONTROL OF OUR DESTINY.

This means that every time we come to the table with potential partners we aren't at their mercy. 

i honestly think this is very good for us. One also has to think, why only $8M? I think Mika et al. believe this is the amount needed to get them over the hump.

My main two questions/concerns of late have been (I) do they have enough cash to get there, and (II) when we do start to see sales/partnerships solidify. The market got one of those answers today. I'm feeling much better about the future  now!

best,

Sandman