Noretreat 

Zenith may not recognize the Royalties receivable in their 1-31-17 interim financial statements. I hear what you are saying regarding probability of future cash flows - it's a shot in the dark. Past financial statements cited a probability of 35% - now that RVX-208 is in Phase III and has had two positive reviews by the safety board - will that % increase? DM indicated that RVX does know when a MACE occurs and presumably they have a fix on the total count and can approximate when the futility analysis will occur - they also may have had positive feedback from other regulatory bodies. The $500MM valuation was floated by DM. How much of that valuation is attributable to RVX-208, how much to other Resverlogix compounds, how much to ZEN? Obviously, the royalties will have a dilutive effect on RVX market value. Will Zenith minority owners ever have a market for their interest?

This is a fascinating and puzzling investment. Best wishes to all!

Chicagoest