Paladin & Koo - I am thinking along your lines. I don't know why he wouldn't exercise but I will add a few of my thoughts. I would think that he is probably under Blackout as he definitely knows a lot more about BoM results than most of the market. If so, he wouldn't be able to exercise them and even if he could, he definitely wouldn't be able to sell the common shares into the open market. That would mean he would have to come up with $112,500 with no way to get it back until after the Blackout was lifted. RVX could have extended the options with the Blackout being lifted when the Material Info. was disclosed then the extension to 10 days past that. They obviously didn't do that. Maybe they didn't do that because he showed no interest in the options. Any blackout time right now might be a bit gray as info. dribbles out in drabs at conferences. It is hard to guess when that moment to lift the blackout would be.

Does anyone know how many shares Dr. Wong owns now? He received 4,049,481 shares back in about 2003 for his IP. He had developed it at the U of C and had received $882,000 in research grants to do so. It appears that he amassed this position just for his efforts as the U of C and the grants probably paid the bills. Correct me if I am wrong but it seems to me that at some later date, RVX had to make a payment to the U of C for this reason. 

I agree that he is more of a science guy than business guy and he might just feel that he has enough if successful and doesn't want to put out a lot of cash now to raise his holdings a small percentage. That is why I queried how many shares he holds now as maybe he hasn't been adding much ever over the years. Also remember that in September, he received 126,000 RSU's which he might feel is a good replacement for these options. He doesn't have to put out any money for the RSU's even when vesting so they work much better for his way of thinking than options do.

As a side comment, I noticed that at the time of the Wong IP acquisition and the reverse takeover done to get on the TSX, they seemed to have done these deals placing values of only $0.03 - $0.07 per share while they were raising money through PP's at about $1.10.