I think management has done a good job on this financing. The discount is to be expected but I like the 4 month hold period, the 1/2 warrant and the $3 exercise price.  I especially like the fact that a placee or group of placees has invested $26M inspite of the 3rd eye loan collateral call on IP.  I wonder what they have been shown/told to give them the confidence that RVX operating within the loan covenants and paying off the loan is a very high probability.  Now that the company has the additional cash it would seem that completing BETOnMACE as per trial design is a no brainer. As I see it only lengthening the trial and/or adding patients would add to expenses and I would imagine that the placees would have asked about details around the probability of these potential events.

It will be interesting to see the geographic distribution of the placees when the exempt distribution paper work is filed. 

It would be nice to see at least either the end stage renal disease or the Fabry’s trial started but who knows now. With 44 and 16 participants respectively those trials would be very inexpensive.