I really have to disagree that a very dilutive pp is what is in store, especially if share price stays low.  Unless there is a problem on the R&D side, I think this is the least likely scenario I can think of.

Currently, by my recollection (please correct me if I'm wrong), Eastern's exposure in RVX is roughly $100 million.  $25-30 million cash investment as well as the $68 million guarantee on the LoC. To offset their risk, Eastern has a call on some RVX IP as well as on some RVX tax pools.  In 2014, when the risk on this investment was arguably much higher, Eastern guaranteed the increase on the RVX LoC from $38million to $68 million in exchange for 5 million share purchase warrants and perhaps (I'm really not sure) greater IP and/or tax pool claims.  To me a repeat of this type of deal would seem most likely, especially if share price stays low.  Currently RVX now has both more tax pools ($250 million USD in total) and IP to negotiate with. Additionally I think there is probably a very good chance that if Eastern doesn't want to continue guaranteeing the LoC that Hepalink would love to step in.  I think it would be very attractive for anyone in the pharma/biotech space to guarantee an extension and increase in RVX's LoC, say to $100 million, in exchange for a similar number of warrants as in 2014 and maybe a call on say $200 million in tax credits as well as some IP.

Never say never on anything but historically Eastern has shown they keep a sharp eye on downside protection that's why I think they will continue to do so.  Extending and increasing the LoC at this point would seem to offer the opportunity to be a winner whether RVX succeeds or fails from this point forward.