The amount of dilution with a deal will all depend on where the stock price goes. Worst case (upfront + milestones only cover payment to Progenics etc.) with no price appreciation at $4 million/month burn rate x 7 months with Paulson style raises - 150 million shares (800 million total).

With the additional publicity of being associated with a larger pharma company I would expect share price to hit .45-.50 near term and rising as we get closer to approval. Let's say it stays at .45. Dilution then becomes 94 million shares.

Where it would get very interesting is the share price pops substantially above .75 and warrants start getting exercised.