Iconoclast - I hear you but here’s my problem.  HL and EC have about $10M short of $200M invested in RVX with HL in for about 3/4 of that.  The company just finished a P3 trial that missed the primary endpoint but still showed promising results worthy of further study and/or perhaps even some limited commercial capability/potential in the near term.  The current SP is primarily a function of limited trading by a very small segment of the 30% of shares that are, for lack of a better term, widely held.

While the current SP may well limit the company’s ability to use the market as a mechanism for raising cash, it is arguably a poor indicator of the company’s actual market value at this stage of its drug development program.  As such, if I were HL or EC I would not be inclined to walk away from an investment that is, based on what we do know from the BETonMACE trial, in fact more secure now than it was on September 29.

DM’s objective is to add value to RVX by progressing the initiatives outlined in the slides contained in the latest webcast and PR.  HL and EC are without a doubt totally on board with those initiatives and will in fact have been part of the discussions that led to their development.  That is why I have little concern that the money needed to keep the doors open until the boxes on those initiatives are ticked over the next 6 months will be forthcoming, one way or another.  To walk away from a collective $190M investment at this juncture makes no sense at all.  If some or all of those boxes don’t get ticked then yes, we may have a problem but we’re certainly not there yet.

The market hates uncertainty and that’s why the SP is taking a hit.  It’s also the end of the year and the tax loss theory also has merit, which means there may be some buyback action early in the new year.  While I don’t like seeing this slow bleed more than anyone else remember that a SP of $1.40 isn’t that much different or better than $1 in the big scheme of things.  I suspect most of us didn’t get into this worrying about those kinds of numbers because, like HL and EC, we are looking for a lot more than that.  That’s why the need to take a longer view and hang in there.  The first 6 months of 2020 could change the current picture considerably.

We have to stay positive and let this all play out.  In the meantime have a Merry Christmas, Happy Holiday or whatever but I’m betting there are better days ahead, and given DMs assertion in the last PR that the company is also looking forward to a very prosperous 2020 it would appear he is as well.