Let me state the obvious Only three possible reasons for cash raise:
Oncy does not anticipate a buyout in the short term.
They do anticipate a partnership and the cash allows them to fund their fair share.
Finally, they realize they need to go it alone for awhile until the buyout numbers are satisfactory.
Putting aside the science achievements....I'm not bashing.... just interpreting what the market is telling me. Very frustrating . Hope it turns around during the conference