Just to finish off my train of thought...I don't think most of the shares from the exercise of these warrants will show up in the market as the bulk of them are owned by Hepalink, Dart and others.  Knowing what they presumably know, I doubt they will be selling into the market.

What this deal does accomplish, is raise fresh capital, albeit at what looks like a relatively steep equity price. 

On the positive side, one constraint on the share price (need for capital) will go away.  Who knows...the share price may even rally, as the remaining shorts should scramble to cover. 

It will be interesting to see how the market reacts...but I am bullish now that the capital raise seems to be behind us.