We always knew that RVX needed to raise about $15 million.  Off the bat, I would say that RVX went to Hepalink and other top holders who already own lots of warrants. 

I am guessing that Hepalink (and others) said...sure we will give you cash, but why don't you make us whole on our (currently out of the money) warrants?  The terms of the deal say that "None of the warrants subject to the incentive program are listed for trading".  Which means it is too bad if you own the 2 warrants currently trading in the market.  No such grandfathering for you listed warrant owners.  The happiness from such largess will only go to the biggest shareholders.

Originally, I thought that the price of $1.33 would be a ceiling.  What we are getting is no actual dilution on a long term basis if you believe that the stock goes above $5 eventually.  What we are getting is immediate dilution, however.  

The positive of this deal is that RVX is no longer stuck raising capital and Don McCaffrey can go around talking to potential buyers with this capital monkey off his back.  The negative...is that we are diluted by about 8% extra shares right away.