I agree that the market is probably perceiving another round of cheap financing and why wouldn’t it?  Management with their usual ineptitude has almost signalled this with the Medison deal which with no cash and no obvious immediate benefit to RVX has pretty much said the program is really not worth much at the current time. In previous presentations the management EV has shown the company EV to be worth about $1.5-2B USD, why are they giving licenses away for free. I could almost somewhat understand if the licensing company was going to at least cover trial expenses in a small territory, but that is not what has been communicated thus far. What was the immediate benefit and therefore the rush to do this deal?  To me all it has accomplished is to throw doubt in the markets eyes as to the value of the RVX CVD program. 

I agree with GAC that the market cap for RVX should be around the $1B mark (roughly the Beacon number) but management giving no clear indication that they even have a real business plan does not inspire any confidence in the market place. Management has also not shown any meaningful business ability in terms of the secondary programs (CKD etc) which appear to be stalled due to lack of funding. Where are the deals which have been talked about to get other interested parties funding these programs?  

Looking at a company like Esperion with a market cap now of about $2.1B USD despite the fact that, IMO, they have far less of a potential market opportunity compared to RVX leaves me very frustrated to say the least. Yes Esperion has had a smoother trial ride but the breadth of their program is far narrower than RVX’s and the market opportunity for their primary program is much smaller. The biggest difference to me is Esperion has far more qualified management with real biotech track records of accomplishment who give the market a clear picture of what they are aiming for, how they are planning to get there and where the money is coming from. As a result the Esperion program has not been in doubt financially and they have been able to move forward with relatively little dilution as compared to RVX and, in the last few years, with much superior share price/market cap performance as compared to RVX.