Here's my opinion in a nutshell Kelsee...I don't mind sharing it, its one individual's point of view. 

Shorting took us down from CDN $1.80 to $1.30 (give or take) after news of a possible offering.  Likewise I think short covering took us back up around $1.80 CDN (that's including OTC trading on our Holiday Monday just passed).  

At that point I think the available supply of shares on offer from genuine shareholders (not from shorts) with actual cert numbers attached dried up pretty much.  I am sure there are limit sell orders at higher prices, $1.90, $2...$2.25, $2.50

But going for the high hanging fruit is dangerous for a short with a large open position to cover imo.  Sending the PPS higher might just attract the attention of the herd.  I think shorts are more inclined to go after the low hanging fruit, reaching up if they have to but not so high as to get noticed by the herd of sheep.  

To keep the math simple if 1,000,000 shares are short the margin requirement would be somewhere around $3 million at a PPS of $1.50 at $2 a margin account would need about $4 million in at assuming that same 1 million shares short.

Shorts might get crucified no matter what....if Resverlogix puts out great news the herd might storm in anyway.  But I don't expect bears to author their own execution by covering off to such an extent that they risk being stampeded by the sheep.  Retial players are very price sensitive...if the PPS starts going from $1.50 to $1.80 and then $2+ some will think..."Hey, something must be up here, RVX is spiking on no news".

Readers Digest version....we're hostage to short sellers unless or until big bullish news comes out imo.