Perhaps, I can explain? A company develops a business plan. That plan is used to raise finance. That is where your £19m comes from (the net cash figure is actually lower now, cash burn is still substantial). The company then proceeds to miss the all important production milestones and thereby fails to generate any significant income. Those milestones are put back to the end of the decade (or 2007/8 if you are an optimist), leaving the business-plan no longer fully funded (a funding gap). Now, the bit you need to grasp, is that it doesn't matter when the gap occurs. It is the merely the existance that matters. That gap must be plugged, otherwise shareholders may as well wind up the company right now (since they will lose it, when the cash runs out). You have basically 2 options.
(1) You can plug it now while the shares are still 20p, or
(2) You can wait and wait... until they are sub 10p.
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