phase 3 data and financing . An outright hedge fund long / short who borrowed shares from management and others and then go short the stock into a financing (Don owns over 4M shares). Hedge funds are in a no lose position on a postion like this especially if they gain wt coverage. Follow the smart money when it comes to small caps especially biotech. Hedge funds scare me. Looks like an MMCAP deal. MMCAP was the largest financier in the cannabis space. Now look how these cannabis deals are trading - at a fraction of the price - decimated.
Don has been spinning for 14 years. 14 years ago Don said he was not going to run FDA trials as what they had would attract partnering money. Guess what, that did not play out and now he has run a massive trial and missed the primary end point. Now spin and not much cash remaining.
Reminds me of the HSM Helius. Look at April when HSM missed their end point. And despite the spin the stock continues to slide to new lows like the pattern RVX is stuck - its hanging onto spin. Facts determine the long term value and spin eventually fizzles. Don is keeping it alive - received total compensation of $1.9 million dollars last year.