I agree and NP sounded as if they fully intend to address the convertible notes with a portion of the TO raise.

While I agree that it would be better to pay off the notes entirely and free up the additional shares, they could also make the monthly payments in cash instead of issue shares and that would keep them from putting downward pressure on the share price as they shouldn't need additional shares if the additional 100M is approved. At least that was my understanding from previous 10-Q perusing. Is this you understanding also? The only reason I see this beneficial is to keep cash available until one of the up-front license deals is closed and payments are received (when they have cash surplus). The notes only carry 7 - 10% interest, so not bad IMO for a small biotech (I would personally hate to have such interest rates).