I agree RM2, I'd rather see upfront money now or soon and then milestone payments and royalties down the road upon success as opposed to waiting for a large payment way down the road. If a CVR was structured to compensate for potential success in all RVX IP I'm not even sure that the total payment would be all that much different over say 5 years.  I think this for two reasons 1) the day a CVR is signed dilution stops right there, no more equity investors or other dilutive funding 2)a purchasing pharma would likely be motivated to explore and capitalize on the entire RVX IP package. They would have the financial and management capabilities to do this much more quickly than RVX ever could and investors holding rights would likely see any potential returns from this much more quickly than if left in the hands of RVX.

Koo I'm not sure what you mean about the "viability" of a CVR deal for RVX.  There would obviously be a lot more detail to cover than if RVX was a single molecule company but the big picture CVR concept is quite simple and straight forward. Pharma pays less money upfront but secures a property they see potential in with a promise to pay more on success, although not as much as they would have had to pay if waiting.  Investors get some payment regardless of eventual success and get additional payment with future success.  Pretty simple.  As I mentioned, to me the lower payment pharma would incur through a CVR is somewhat offset, from an investors perspective, due to the cessation of dilution.  JMO