We have seen some money loaned to RVX in the past (seems it was just discussed a while back), additionally Zenith does have to provide Zen003694 to at least some of the trials so there is cost to that. Hopefully some additional development is going on as well. 

It is a good sign that investors are willing to put serious money into Zenith. I wish the company was getting a better valuation for these investments. This latest note has warrants with a conversion price of 82 cents CAN so roughly valuing the company at $125 million. This is a far cry from RVX's less than $20 million mc but still way less than other comprable biotechs, Repare Tx (ph 1/2 and discovery) is almost exactly twice this valuation (125mCAN vs 256mUSD)