Cancelling an AGM is significant. You don't just cancel the meeting of the year because you have a scheduling conflict, you cancel the AGM because you are in discussion with someone and whatever is being discussing with whoever needs to be agreed upon by the AGM. Resverlogix has raised money, issued shares, and made regional agreements without asking the AGM - it is something bigger than that. Interestingly, the AGM of Zenith is also cancelled - no, it is not because management is busy in another meeting and cannot make it for logistics reasons, it is because they are waiting for the outcome of the discussions/negotiations they are having. Whatever is being discussed probably affects both Resverlogix and Zenith. What does Resverlogix and Zenith have in common? Answer: Rights to RVX-208.

Resverlogix soon needs to raise money. They probably have 5-15 milion CAD left in cash, which is nowhere near enough for completing the BETonMACE study, but enough to keep the lights on in the near future. Thus, they are under pressure but they are not desperate. Moreover, I think this board grossly underestimates how much Gilead, Glaxosmithkline and the likes are working on BET inhibition (admittedly mostly for oncology, but inflammation is also on the list). Actually, Glaxosmithkline had an interesting patent application published today on compounds that inhibit the "the first and/or second bromodomains of human BRD-2 to 4". A lot of BET inhibition work is going on in big pharma, and I do not expect Resverlogix would have difficulties finding funds - but they do try to avoid dilution. They have been quite successful avoiding excessive dilution so far and they probably intend to keep it that way by waiting for the best possible financing deals.

For the above reasons, I think there is reason to suspect that someone is trying to buy their way into most or all of the rights to RVX-208 and that they do not want to have to pay royalties to Zenith which is why Zenith also needs to have an AGM (at the right time), to approve the selling of the royalty preferred shares.

There is no guarantee that the negotiations - if I am correct that there are any such negotiations - are going to result in an actual agreement and the above is only a hypothesis, Do you own due diligence - this is not investment advice.

/B.