Koo & GAC,

I share your questions and concerns about the financing and disclosures (or lack thereof) .....

From the RVX viewpoint ..... My continued sense/position on it though, and "uneducated sense" about it, is that there is no concern on their (RVX's) end, even though a higher level of financial security would nice of course. They (RVX) appear to know that they have key investors/lenders that are too far in to not see it through. Probably some un-easiness at times with risk, but they probably don't want to lose further control either as a balancing factor to accepting the brink's truck ... 

From the Investor/Lender viewpoint, ..... 1) you are in love with the opportunity and it looks good, but why risk more than you have to while you are watching closely every step of the way, and 2) you have a different type of "present" leverage, in that you retain ongoing power and implied threat to turn off the spigot if you don't like the clinical progress, dealings, leadership, or evolving relationship. IOW maximizing the commitment/risk/leverage/opportunity ratios ... theoretically? ... Perhaps?

If data is not good in final analysis you are glad you eye-droppered" it .... you took a shot, it didn't work out, you lost some investment dollars, but it could have been even worse.

If data is good ultimately, you are still in a strong position, possibily even with "what if" provisions and ROFR options, for keeping the baby breathing along the way while limiting the risk?

For RVX, you just want to give up as little as possible in equity and control as you can along the way, as long as you feel confident in your relationship with the money people, while marching toward "data and "approval" .... every day matters, the closer RVX gets to those "data" and "approval" positions the more the RVX leverage grows for dealing ..... all kinds of new capital/finance options can/will happen once data starts coming in good (hopefully) and pps and equity and "goodwill" ..... so, if you are an owner in RVX we want the company to get to data/approval as fast as possible with the least amount of outside liability, as long as we can stomach the weak "shoestring" financial position along the way, and have some degree of trust in the money relationships.

So again, JMHO, but all parties "seem" comfortable with this "apparent" approach, the mutual benefits, mutual satisfation & security within their relationships, and the progress so far, as well as the likely outcome ultimately ..... 

I don't "know" anything substantive about RVX finances, and have little experience in this specific arena ...... just sharing my "best guess" eye balling and sniffing the situation from an "art of the deal" mentality. Don't know if any of this is even close to accurate, just the way it "smells" to me, based on experience with deals in "my" world.