Noretreat, there was a discussion on this issue recently and the reality is that unless this covenant is renegotiated, RVX will need $15mill or so to repay Third Eye on Jan 31, 2019 and another $20-35mill to keep them fully funded until topline results and away from the continued hand to mouth financing, which is not great for dilution, but would probably be best for market certainty.

The actual terms are below.

ARTICLE V – AFFIRMATIVE COVENANTS

Except with the prior written consent of the Agent, until this Agreement has been terminated and all Obligations have been paid in full, each Obligor covenants and agrees with the Agent and the Lenders as follows, and covenants and agrees to cause each of their respective Subsidiaries (where the following are applicable to such Subsidiaries) to comply with the following:

5.1 Clinical Trials
(a) Phase III Results. On or before January 31, 2019, Borrower shall receive top-line results from its Phase III BETonMACE clinical trial (“Effect of RVX-208 on Time to Major Adverse Cardiovascular Events in High-Risk Type 2 Diabetes Mellitus Subjects with Coronary Artery Disease”) that, in the Agent’s discretion, are positive; provided that, notwithstanding the foregoing, if the Clinical Steering Committee for the Phase III BETonMACE clinical trial determines, based on its planned sample size reestimation analysis, that it is advisable to enroll additional patients in the trial then the Borrower shall provide the Agent with top-line results from the trial as soon as practicable.