The proxy talks about the Phototherapeutics financing and on page 44 It says:

"Our Board of Directors also considered a variety of risks and other potentially negative factors concerning the Financing Transaction. These factors included the following:

· The Notes and the Warrants contain full-ratchet anti-dilution provisions that may present limitations on any future capital raising transaction; "

Does anyone know what full-ratchet means? How much money was raised? Does this trigger the provisions in the transaction? Is there a press release?

proxy is here:
http://www.sec.gov/Archives/edgar/data/7...