After reading that article I almost wish ICO had kept the asset and done the same thing Immune is doing now.

From what I understand that 6% piece that ICO owns is non-dilutive....so the the ratio remains constant post-financing. In the financing arrangement Immune would probably want to put a dollar cap and pay off ICO before the raise. This could be a near term source of non-dilutive funding. 

Thanks mmn.

TB