I don't see a problem pledging some IP to secure a renewed loan if it is a term loan such as the last one.  The current one expiring in August is a 5 year term and we will undoubtedly know whether this is going to fly during another term of this length either through BetOnMace or another program.  To be honest at this point I think exploring the loan market for alternatives could just be a part of the negotiation/pricing process with Eastern.  I can't really see Eastern wanting to walk away from the security they have already (remember the combo patent was applied for after the securitization of the current term so is likely not part of RVX's current collateral) and seeing the derisking of the program that has gone on in the recent past I can't see them even wanting an outsized number of additional warrants at this time. It would seem now that any additional warrants aquired at these levels are likely to pay off very handsomely.  

This time around RVX also has tens of millions of additional tax credits to negotiate with but those tax credits (in the US, not sure about Canada) are only full value to a profitable biotech or pharma.  Don said at the AGM that the RVX tax pools are at about $250MM (I think that is USD but can't remember for sure) so at a 34% US federal corporate tax rate have a cash value of $85MM to an eligible, profitable US corporation.  From the tax perspective I could see Hepalink being very interested in securing the loan if Eastern for some reason isn't.  Most business people would happily secure a $69MM loan for $85MM of collateral, IP, plus additional warrants in a business they are already invested in but who knows for sure. I don't think however, that the tax pools themselves are of a value to secure the loan on there own in the open market as the discount applied to the pools on the open market would likely not bring them up to the threshold of coverage.  I could be wrong though.

Personally I hope the loan is renewed in some shape or form and all funds raised from some type of financing are used soley for advancing BetOnMace and hopefully other clinical programs.  Right now I think that RVX's biggest weakness is their inability to fund multiple programs in a timely fashion.  Further, JMO but I think the largest impediment to share price appreciation currently is lack of FDA approval for BetOnMace not the loan.