No lender would advance monies to RVX without the IP as collateral (or to any other biotech start-up, for that matter), as they have no other security for enabling/forcing repayment.  Absent that collateral, what do they have to fall back on if the loan goes into default (they would not have any leverage for forcing the company to address the situation).  If push comes to shove, the collateral enables the lender to force the hands of the company to either refinance (get a major backer to step-up), sell the IP for max value, or turn it over for the lender to sell.  The lender doesn't get to immediately take the collateral on default, as there are procedures that must be followed, and more than likely RVX would declare bankruptcy if/when things are no longer feasible.  In the meantime, RVX would be incentivised to consider all of the other alternatives while the lender is in the process of foreclosing. 

I don't consider them providing the IP as collateral as an issue at all.  Further, I'm sure the lender evaluated the collateral under a worst-case scenario and feels it is worth well in excess of their loan.  They would not have made the loan if they thought there was any great chance that they would have to foreclose on the collateral and then sell it themselves (noting that any excess value realized must be paid over to the company).