Today was a gut punch obviously, I watched until about noon then tapped out and went to bed. 

This was not what I was expecting in so many ways.  I really felt the design of the trial had stacked the deck so to speak and that they would meet the primary endpoint.  But I still recognized that they could miss obviously....and if they did miss I was expecting a day far worse than what we saw, 10 or 15 cents was more what figured.  So on that level I am glad I was wrong, very glad.

Every share sold needs a buyer, just as every share bought needs a seller.  So ~4.3 million traded in Canada and ~1.3 million OTC for a total of ~5.6 million. That's only about 2.6% of the 209 million outstanding.  In my books that's pretty light given the situation...10% or more was more of what I was expecting regardless of the outcome, 20+ million in other words.

As for the news itself, there are so many details we're all waiting on.  One thought I can't escape is the desire to see the specific results from China.  Maybe my tinfoil hat is on too tight, but after reading about how Clinical Trials are conducted in China I can't help but raise an eyebrow.  With Shenzhen Hepalink having such a large position, and my long held view that they're the most likely candidate to take Resverlogix over....I can't help but wonder.  I think it goes without saying that if there is a party out there looking to take Resverlogix over, after today's news the price just went way down.

BDZ already addressed my biggest question HERE WITH THIS POST.  Unfortunately if I'm reading his thoughts correctly he doesn't know if subgroup comparisons might provide a pathway to an NDA, and if Bear doesn't know....  That's the billion dollar question for me right now...I had assumed (hopefully in error) that a miss on the primary endpoint would necessitate another phase 3 trial, and maybe even a Phase 2 first...adding 2 or 3 years to the runway.  

An equally big question revolves around money.  How much does Resverlogix have left and how much will they need going forward?  I don't know the answer to the first question, and I don't think there's any way to know the answer to the second until we have a better idea of what lies ahead...

I listened to the Call twice and I think its evident that Donald was reading directly from a prepared text.  It struck me that on at least a couple occassions he didn't properly pause at the end of a sentence, making two separate points appear to be connected at first.  

His suggestion to ride out the volatility and wait 6 weeks for further data has merit in my mind though.  I'm well aware of ambulance chasing security lawfirms that love to troll for class action suits....and if there is some sort of deal in the works, someone who dumped on today's news only to find out later (hypothetically speaking) that a buyout was taking place at a much higher PPS....they wouldn't be happy.  

We'll see what the coming days bring in terms of trading.  I didn't own RVX back in June of 2013 after the failure of the Assure trial....but the trading that happened in the wake of that event was a big part of the reason I first invested here back in early 2014.  Today's action looks similar to me.  I believe I know what motivated the sellers....my question is what motivated the buyers.  No doubt some were retail investors deciding to average down, but with total volume 5.6 million I don't think that was the lion's share.  

That's enough for now....going to start going through all the posts from today.  Is there a published transcript of the CCall out yet?  If there is I'll probably see a message about it as I'm going through today's postings.