the target was gross proceeds of 5–15M, of which 12.9M was achieved.
Considering that the old subscription rights became worthless, and thus many people’s need to participate in the offering to protect their old ownership vanished (the old ownership went practically to zero), this is a quite good result. Personally, I would have even hoped for a slightly less successful offering, say with about 9 months of runway; in that time, the company has time to show signs of a brighter future if there are any, and I would have gained a larger stake in the company than with this roughly 15–18 month runway.
But better this way than 5M; in that case, there wouldn’t be enough time to deliver results, and the patents would practically have been sold to the highest bidder = cheaply, as the proof of performance would have been left halfway.