Don McCaffrey made the classic mistake of hubris...he claimed all along that his share price was too low to do a deal.  Instead of selling shares at $1.33 and eliminating all financing risk, he chose to roll the dice on us, assuming the BTD would save him. 

Secure in the knowledge that RVX can't go bankrupt (and therefore job security for him) because of their Chinese shareholder, Hepalink, he threw caution to the wind and is now running out of bullets.  His method of financing has been to keep issuing small numbers of shares at ever lower prices.  So now he will issue shares at 70 cents and a warrant (so effectively at 35 cents) again.  

It almost seems like there are no adults in this company or its board.  Hepalink is probably too busy with their HK IPO to care about RVX for now. None of the other board members seem to have any spine.  Norman Wong is on his way out as he retires.  Which leaves Don to his own mismanagement devices.

On the positive side, we do seem to be reaching a crescendo of selling, with 1.1 million shares traded so far this week.  Cold comfort, but there may be some end to the misery coming...even if we get no happiness for some time to come.  Perhaps the end of pain from an ever falling share price will feel like some joy.