I watched the AGM presentation (Zen as well) and then read tada's excellent notes and masila's comment.

From my point of view 2017 (as frustrated as I am about some aspects) was a very exciting year from a science POV for apabetaolne.

• 5 positive safety reports - this is a big deal
• futility analysis now becomes a sample size assessmment - seems to suggest that there must be enough positive evidence to continue investing to complete the full trial and even extend it
• 5 independent research papers all giving positive signals toward apabetalone for various indications and Don stated 5 to come in 2018 (we'll see)
• scientific momentum behind epigenetics and apabetalone is growing at an accelerated rate
• renal trial still planned for 2018
• and the positive scientific story goes on.

On The Business Side.

• Beacon provided the first independent analysis of RVX and values that stock at $8+.
• Eastern Capital drew a line in the sand with a dew date of Dec 26th, 2017 for the Citi line of credit of $68 million to be paid out by RVX.
• Hepalink came to the rescue with the purchase of an $87 million private placement at a price very favourable to Hepalink.
• Hepalink now owns 43% of Resverlogix.
• Hepalink also paid $8 million ROFR for the rights to produce and market apabetalone in the USA.
• Efung Capital of Shenzhen, China, now owns 1.7% of RVX (roughly 3 million shares). Does this suggest growing interest among Chinese investors (and potentially funding for Hepalink to take a bigger chunk of RVX if Don does not find another large investor)?
• RVX paid out the $68 million line of credit leaving RVX debt free.
• Being dept free seemed to result in significant buying activity of RVX shares which Don suggested are institutional buyers and that buying activity has now seemed to have settled (new owners hunkering down for the excitement of late 2018 or Q2 2019???).

So where do we stand?

RVX needs money to fund the balance of BoM plus new trials in 2018 - perhaps $60,000,000 to $100,000,000.

Back around September 2016 Don stated he had a firm LOI that would be wrapped in in months (Dec or Jan 2017). As Don stated at the update then to paraphrase him...it didn't happen. Other than Hepalink coming to the rescure on Oct 13th, 2017 there is no evidence of any investor in the wings to fund future trials. (personally I have no doubt the trials will be funded).

from tada's notes

Q: Is there still an LOI

*A: Yes there are multiple LOI’s. You will hear more about them soon.

This is a warning signal to me. I have little doubt that there is a significant interest in apabetalone and RVX among BP's so I don't question "multiple LOIs". But it suggests Don is still at some distance before he ties up any sort of deal. Any possible investor knows Don's back is to the wall and they will play it out until he is choked for cash again. Then, once again, Hepa may be his only option. 

Hepalink 43% ownership plus ROFR for the USA complicates negotiations. 

My hunch, pure guess, is that it will either be Eastern or another independent capital company that steps up to the plate. I don't think it will be Eastern. I doubt that they are concerned about the % of shares they own. It is the number of shares that count unless they perceive a financial threat (e.g. a taheover at too low of a price).

I don't believe (as I had believed in the past) that obvious potential buyers like AZ will jump in because they are conservative, risk averse and arrogant (or confident that they can jump in any time and from what I have read about AZ they are confident in their own portfolio and development progress). 

So if it is a BP it will probably be an upstart that wants to leapfrog into the big leagues. It's a complicated game with many players. The real action will probably start with the completion of BoM. Then it could be a free for all!

Well, that is my first rambling for 2018. I wish eveyone a successful year.

Cheers

Toinv