Finally got around to listening to the RVX presentation. I think the basic idea of Zenith selling a royalty stream from Apabetalone as well as perhaps a Zenith drug would make sense depending on the splits (devil is always in the details). As others have said Apabetalone nor the Zen royalty preferreds aren't worth much sitting at a standstill. I would not want to see this happen if Zenith was put at risk with an Apabetalone failure and what, in addition to performing royalty preferreds, does Zenith get out of this for taking additional risk?  Not really even acknowledged in the presentation. 

Other than that my impression is pretty much the same, a management group that seems directionless headed by a guy with almost zero track record still spinning their wheels. 

I really wish Don would quit whining about the bad biotech market. Sure biotech has been hurt but most not even close to as badly as RVX. Denali, ph 1/2 neuro science company, has been hit hard but still has a $4B market cap, Abcellera, which he was whining about getting CDN gov't support, has been hit hard but still has an almost $2B market cap. Apparently management at those shops know how to do business. Don with his ph 3 Apabetalone program (and Zenith's multiple shot 1/2 program) needs to learn how to do business as a biotech CEO.  Instead of pointing to the biggest losers and misleading statistics he should be looking to how others have maintained at least a workable market cap in challenging times (you have to look hard to find another quality science ph3 program with a market cap of less than $25M). 

Personally I would like to see some sort of business overview on their website fleshing out what they are attempting to do (ie a business plan sketch) and maybe some sort of basic Enterprise Valuation, even just management's opinion. I would further like to see that promoted at least via social media and try to stir up some interest in the company. He mentioned he was at a Bio conference in Boston, why no mention of that before now?  There are just so many things where this company falls way short of the mark on the business side. Very sad for what still seems to be promising science.