When I first invested in RVX and subsequently gained shares of spinco/ZCC, I did it because of what I thought was an interesting and unique science. I actually believed that RVX had the 10 year lead that Don claims and dominated epigenetic drug development and knowledge.

What I have far too slowly begun to realize is that biotech on the financing side is fiercely competitive. While one company may have what they claim to be their unique science it is still facing stiff competition for financing from large numbers of biotechs aiming to solve the same problem from their own approach. This seems self evident now for me but it wasn't when I was viewing RVX through the lens of unique epigenetics.

I believed for years that the science would be so powerful that the business side did not matter.

• success in biotech = management excellence + innovative research excellence

From my new perspective I've begun to realize is that success in biotech requires excellence in the business side as well as the science side  because financing and relationships are critical to keeping the science progressing forward and avoid having to make distructive decisions like skipping futility analysis and under powering research designs because they are not capable of proper financing.

IMO the science side of both companies seems extremely promising. We all know the situation on the management/business side and it becomes more evident in every bit of under valued financing that is trickling in. Hard to imagine why this situation is being perpetuated.

We've all seen the value added success created by the like of Repare Theraputics, Veru Inc, Constellation, etc.

I sure hope the Easter Bunny hops by with some help for management.

Happy Easter to all and the science team at RVX.

Toinv