Whatever your decision is, you should use the rights offerFor those who currently own shares, the rights offer is the most effective way to lower you cost average, which means 1. your loss is lessened if/when you exit completely; 2. if the company grows in the next few years, you may be able to recover all your $, or even become profitable sooner.
The risk for the new money is tolerable, imo, (for the benefit of rescuing old money), as the company is said to have potentially positive catalysts news by H2 2019. (However, remember there's always risk of further delays or other negative news). Therefore you need to consider your own time frame.
For those who can raise new money to buy the rights offer, it's preferrable than selling a part of your shares now at 7 cents because new money will have a greater impact in lowering your average. (I have done the calculation now for two people and it's clear that new money will have a greater impact).
For those who definitely cannot (or don't want to) put in new money, then it's better for you to sell a part of your position now at 7cents in order to take part in the rights offer of the remaining part of your position, than if you do nothing.
Do some math to work out what is the % you need to sell now in order to leave enough shares to buy the offering at x6.7 to x20. (I suspect that it may be overly subscribed, i.e.>$75Mcap, so be prepared that you may not get 20) However, even the x6.7(the worst case) is still worth the while.
I don't expect Consonance will take part in the rights offering, as they would need to put in more than $50M dolloars. I think that the $75M cap on the rights offer already designed to make sure the final share count distribution (in their favor) and is therefore unnecessary for SALP or Consonance to put in more money, imo.
Hope that this is clear. CC