Biotech Values

[DewDiligence]

RVNC—What makes the most sense (IMO) is that RVNC was essentially forced to do today's offering in order to qualify for the $150M third tranche from Athyrium. Moreover, RVNC may have been close to violating one or more of the Athyrium covenants had they not raised equity capital very soon. The consequences of RVNC’s breaching any of the Athyrium covenants would be disastrous insofar as Athyrium would then have the contractual right to demand repayment of the entire loan immediately.