Next, I hope they are working hard on the PP although Don must be very stretched and I hope his priority is RVX and funding BoM plus new trials and doing the financing with a partner that gives the market and science communities a clear signal about the credibility and belief in apabetalone.

Regarding an IPO as I've stated previously and feel strongly that was just one of Don's "toss a bone to the dogs to keep them at bay" statements. For me this was reinforced by Jermaine Jackson's "words of wisdom". Don made flip off IPO statements 2 years ago (reverse takeover of a distressed company with TSX and/or NASDAQ listing) and a year ago he said he'd never do another TSX listing.

Another reason I don't believe there will be an IPO any time soon is that while I believe Zenith is full of exciting IP there is nothing proven to date. We haven't had an update on the zen3694 trial and exisitng results show some promise and some problems, as would be expected. As BDAZ pointed out they need to figure out the patient profile that zen3694 seems to have a positive effect on. This may be time consuming science.

So compare RVX at a trading price of $1.85 or so and being in phase 3 BoM with over 2000 patients enrolled and expected top line at the end of 2018. What would Zenith IPO at?

They have many options re and IPO. They could IPO a set of compounds within Zen Epi directed at certain cancers, etc.

Also, when Don did his most recent flippant statement about the IPO being post PP when asked he didn't even know what part of Zenith would be IPO'd. He said it would be a board decision. i.e. it is far in the future and he hasn't worked it out.

I had actually counted on a Zenith IPO around Jan 2016 based on Don's previous statements. It was then that I started paying closer attention when he didn't deliver.

Of course anything could happen in cancer research. A large suitor could study their IP and 1500 compounds and try to buy Zen Epi or parts thereof in order to accelerate their own programs. If Zenith has proprietary and advanced scaffolds, processes and compounds it could leapfrog a big player or even Zen Epi into the big leagues.

I did and still do think the spin out of Zenith from RVX in the spring of 2013 was a brilliant value protecting and building strategy and I think the structuring of Zenith into Zen Cap and Zen Epi was brilliant and provides the ability to tap huge potential once they get into the "proven compound" territory. 

I also think, as frustrated as I am by Don, he is a fierce defender of what he believes to be the value in Zenith and RVX and he is not selling out short term no matter how much pressure he is under.

It does amaze me at how undervalued these companies seem to be but there are thousands of trials going on throughout the world so investors have lots of choices.

Well, I'd love to see an IPO for a select subset of Zen Epi compounds at a really good price while I retain my Zen Cap shares and hopefully receive dividends or liquidity at that level.

GLTA

Toinv