Fuzzy I agree with your comment "with the right people this could soar" on the Q. The key though to me is the right people are not on board at this time. If Don had filled the board seat with someone like Jan Skvarka (former CEO of Trillium) who has proven they know how to create value I would think differently but that is not the case here.  

Further to NextB's point as I have said before, I agree that the value bar for Zenith is at least the sale price for Constellation ($1.7B USD). In my opinion Zenith is now clearly further ahead of where Constellation was when it was sold. If I was in Don's shoes I would consider myself an absolute business failure if I took my company public for less of a market cap than the selling price of a less advanced, direct competitor.  Given that Don is doing financings valuing Zenith at about 15% of Constellation's selling price it would appear that he needs a great deal of help in this department. In my opinion he doesn't seem to be engaging with the right people to get that help. 

Again in my opinion, the last quality business person on an RVX/Zenith board was Arthur Higgins (former CEO of Bayer Healthcare) and before that Roger Newton (formerly of Esperion) was also in the fold for a short time. I was excited when both those individuals were involved because their track records of accomplishment in pharma/biotech spoke for themselves. To see them replaced by relative nobodies has been disappointing to say the least and to me RVX/Zenith have spent the last 10 years drifting like rudderless ships from a business perspective. I think it is no accident that the scientific advisory boards for both RVX and Zenith are stacked with world class clinicians/scientists while the business leadership is nowhere close to that quality.

To me if they were interested in most successfully publicly listing Zenith on Q, it would have to be on the back of absolutely stellar news and it would be almost required to replace the CEO and most if not all the current board with people who are widely recognized and respected by the US biotech investment community. I think the science is there to attract such people. There would also have to be a strong business plan in place to illustrate how Zenith would be run like a real business on a go forward basis. A plan that would illustrate to serious investors how, post IPO, the company would be embarking on a strong business development program and a financial program which would depart from the typical RVX/Zenith path of going from one desperate financing to the next, constantly undervaluing and therefore excessively diluting the company. JMO