Tundup thanks for your post and I agree with most of your points however wrt to Zenith's royalty preferred's, RVX receives the revenue from Hepalink (when it comes) and RVX then pays Zenith it's royalty of 6-12% as per the royalty preferred schedule. RVX keeps the bulk of the royalty from Hepalink, or any other seller for that matter.

To the idea of merging RVX and Zenith, I think it is a good idea for business reasons as it would leave the new entity with all the IP and all the financial potential and give a lot more clarity to the market. Right now I think that the murkiness around the relationship between the two companies probably acts as somewhat of a weight on RVX stock. I think that because Hepalink has a seat at the table but no financial interest in Zenith that the process of valueing each company prior to a merger would be done in a fair manner. Likely Hepalink would want to see a slightly lower value placed on Zenith while Eastern and the others would want to see it valued slightly higher. From a personal perspective, I would be very happy to see my Zenith shares become liquid (not that I would sell any right now). I think a merged company would be a more attractive NASDAQ candidate from the persective of both clarity as well as enterprise value.

While I hope, as others do, that a NASDAQ listing can be obtained I'm not holding my breath as to the NYC analyst day creating much US analyst coverage. While I think there is lots of financial and scientific potential in the RVX story I don't see many US analysts covering RVX until such time that there is a NASDAQ listing as most of their clients are interested in companies with a listing on a major US exchange. I hope I'm wrong. Frankly I would rather see RVX spending resources engaging quality Canadian biotech analysts until such time they have a US listing.