RVX Ramblings June 25 2024

Following are some random musings regarding RVX and the up coming AGM.

It is my hope (but not expectation) that the reason for the 1 month delay in the AGM is that Don (aka Mr. Excited Mushroom manager) and his team are tucked away busily dotting the eyes (i’s) and crossing the t’s on an agreement to sell RVX to a biotech financing company or BP that can finally provide competent management and financing to determine if apabetalone has any medical merit.

I don’t think Dr Wong would have retired if he felt FDA approval of apabetalone was imminent,

With all of the scientific journal article articles about apabetalone none have had an iota of impact on shareholder value. i.e. a successful clinical trial is required and this requires significant financing.

The research paper published in Qatar demonstrated very positive benefits for apabetalone and yet, as with all of the research, it just fizzled.

We are now half way through 2024 and the promised Covid trial has not materialized to my knowledge.

The previous RVX Covid trials were completely botched.

RVX was able to negotiate a 2 year extension on the $USD 6 million debenture wherein Hepalink has control of the IP. Therefore, RVX management was unable or not intending to get financing to buy back control of their IP.

If Hepalink controls the RVX intellectual property (IP) for the paltry price of $6m USD then it suggests the IP is actually not worth much money at this stage.

In the past 5 years nothing has been achieved other than a few scientific papers, a failed Covid trial and a misguided adventure with Eversana that lead nowhere except for significant debt.

Eastern has not voted in the BOD in a number of years. Given that they have a significant science research group have they thrown in the towel?

ORI Capital invested significant money in RVX but they do not seem to have taken any action to get the ball rolling to clean up management.

BoM failed at the 94% confidence level. I have assumed that the trial was underpowered and that this was due to the ineptness of RVX management to raise the required capital to power the study.

In BoM the futility analysis was not done. I assumed this was because even if it was done and it indicated there was hope, RVX could not get the financing to continue. Perhaps I was wrong and there were indications of failure no matter what.

If I assume that RVX has done pitches to all of the major BP and biotech players and there is no evidence interest. Then what is the issue?

• the science
• the price
• the terms.

My guess, and I am not a scientist, is that the BPs are well aware of and have reviewed the science and remain skeptical that apabetalone can be viable as a medical treatment.

RVX stated that they could not fund BoM2 but could possibly get funding for a less expensive Covid trial. So they are intending to execute a “throw mud at the wall” strategy with only 1 ball of mud.

1. Dr Lakhotia, at ZE, has been successful in developing more than 10 mud balls and created working relationships with numerous BPs.
2. Don and his team at RVX have created none in spite of apabetalone being indicated as a potential treatment of more than 10 diseases. Isn’t it sort of obvious…get rid of Don and bring in Dr Lakhotia.
3. With 10 mud balls the chances if 1 ball sticking to the wall is much better than 1 mud ball.

The Berghofer research only lead to a botched Covid trial.

March 3, 2021

Apabetalone treatment reduces SARS-CoV-2 infectivity and completely prevents cardiac damage in a cytokine-storm model

CALGARY, Alberta, March 03, 2021 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix") (TSX:RVX) and QIMR Berghofer Medical Research Institute (“QIMR Berghofer”), one of Australia’s most successful medical research institutes, announced today the publishing of a new article providing evidence of apabetalone’s potential benefit on SARS-CoV-2 (COVID-19). The article, titled: “Bromodomain and Extraterminal Inhibition Blocks Inflammation-Induced Cardiac Dysfunction and SARS-CoV-2 Infection (Pre-Clinical)”, was published on the pre-print server, bioRxiv, at the request of the reviewing scientific journal.

Anyway, just rambling ideas as we all sit in this vacuum.

It is time for some action;

1. hire a competent CEO with actual biotech expertise.
2. sell RVX.
3. sell RVX and ZCC as a bundle.
4. appoint Dr Lakhotia as CEO of RVX and let him do his magic on building apabetalone trial partners.
5. get rid of Don.

Perhaps Don will pull off another “you won’t believe what is in this envelop” deception (as was done before I bought in) and drive the share to $20 plus? (my dream)

What I expect from the AGM is

• announcement of another lame board member.
• Don being very excited that they are very close to securing financing for a Covid trial.

Please make sure you vote. It’s the only power we have over this mess.

Cheers

Toinv