Justice for Reven
This isn’t just about a company under attack. It’s about a life-saving breakthrough drug therapy destroyed by bureaucratic overreach. RJX was poised to help millions suffering from sepsis, cardiovascular disease, cancer, and many other chronic and difficult-to-treat, deadly medical conditions - until the SEC stepped in and halted everything. It was done without warning, without a hearing, without charges, and without a trial.
We know the facts of the case, it is time everyone else does too!
News - October 2, 2025
Federal Claims Court Demands More Answers in Reven SEC Freeze Case
Judge Seeks Clarity on "Takings" and SEC Authority
By J.P. Isbell
EXCLUSIVE: “We Just Want to Save Lives”: Inside RJX, a “Miracle Drug” That Was Shut Down by the SEC Part 1 of 3
By J.P. Isbell
September 8, 2025
Mission
Our Purpose
Justice For Reven is dedicated to promoting awareness about the SEC case brought against Reven Pharmaceuticals. By providing updates, educational materials, and key documents to the public and shareholders, we encourage informed engagement and discussion.
Welcome to Justice for Reven
For nearly four years, Reven Pharmaceuticals has been silenced - not by failure or fraud, but by a federal enforcement action that froze our operations, seized our assets, and brought groundbreaking clinical progress to a standstill.
Now, for the first time, we can finally speak.
Despite RJX’s life-saving potential, the United States Securities and Exchange Commission (“SEC”) filed a civil lawsuit against Reven and its executives in late 2022. The claims have nothing to do with RJX’s efficacy but rather allege dubious violations of the federal securities laws based on debunked accounts of purported “whistleblowers” who have ulterior motives. Before Reven and its executives were even made aware of the lawsuit and had a chance to defend themselves, the SEC sought and obtained a court order freezing all of Reven’s assets, along with the assets of its executives, pending the ultimate resolution of the case. The SEC’s asset freeze - which applies to all assets, funds, or other property of any kind - has made it impossible to run the business, severely hampering RJX’s development.
But we never gave up. (Reven is "never" spelled backwards - coined by a shareholder in 2009 after Reven overcame the difficult economic circumstances of the financial crisis in 2008)
Reven has retained excellent defense counsel including Winston & Strawn, LLP and the Marzulla Law, LLC, both of which have been fighting against the SEC's action, and want to continue the fight. There is a pending appeal in the Tenth Circuit Court of Appeals seeking relief from the TRO and asset freeze imposed by the SEC through the Federal District Court in Colorado. In the U.S. Court of Federal Claims, Reven is the plaintiff in its pursuit of a constitutional lawsuit against the U.S. Government under the Fifth Amendment Takings Clause.
This website exists for one reason: to present the facts of this tragic injustice to an up-and-coming pharmaceutical company and its supporters whose mission was to save lives and benefit mankind with innovative, safe, and curative therapeutics without adverse side effects found in nearly every other pharmaceutical product.
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Here, you'll find court documents, evidence, and legal updates.
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Learn how to support our legal battle, ensuring our legal team has the resources required to move forward.
We urge you to visit these resources and share them widely. Many hands make light work. Our legal fight is your legal fight, and justice will benefit us all. The goal has always been and remains to improve lives by getting RJX launched into the market.
We would like to personally thank every shareholder who has stood by us. Each message of support has been felt deeply by our small but determined team.
Justice for Reven is justice for every investor, innovator, and patient harmed by unchecked government overreach.
— The Reven Executive Team
Reven Pharmaceutical's Timeline
Reven's Journey to Success and SEC's Attack on Innovation
Advanced Diagnostics, (renamed Noventis in 2001, later renamed Reven in 2009) launched as a medical device company December 1999 to develop point of care diagnostic tests for HIV and food borne pathogens.
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R & D infrastructure was established in the US with manufacturing in Singapore
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The company achieve a small volume of sales in Asia
1999 to 2006
2006 to 2008
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Brought the technology to the United States in 2006
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Immigrated scientist inventors of the product to US and filed for first patent in 2008
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Makes strategic decision to shelf the HIV product to focus on development of RJX - a novel therapeutic focused on curing chronic and complex diseases rather than treating symptoms
Changed name to Reven Pharmaceuticals to develop RJX as an FDA approved drug
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Identified clinical pathway to seek regulatory approval
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Filed additional patents to cover broader intellectual property
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Established preclinical research program to prepare for FDA approval
2009 to 2012
Preclinical research studies and manufacturing optimization efforts commence
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First preclinical animal safety and efficacy study completed
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First patent was granted and several additional patents applied for
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Product stability and analytical chemistry assays conducted
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Established and refined small batch manufacturing process
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Completed several bioanalytical assays to ensure product quality
2012 to 2014
Reven discovers scientific breakthroughs and makes progress toward human FDA trials
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FDA approves first Investigative New Drug application (IND)
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Phase 1 safety trial conducted in Australia
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Phase 2 cardiovascular trial approved by EMA to start in Poland
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98 patent applications in 5 families filed in over 100 countries
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30+ animal studies completed to support safety and efficacy standards
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2018 - FDA Phase 1 human clinical trial completed and filed with FDA (NCT03680105)
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2019 - Company restructure completed to facilitate and prepare for eventual IPO
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FDA approves second IND during COVID-19
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First published and peer reviewed publication about RJX completed
2015 to 2020
Clinical and Financial Momentum Continues
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Reven files 3 orphan drug applications with the FDA
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Several additional publications completed first Drug Safety Update Report (DSUR) filed with FDA
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FDA Phase 2 human trials initiated during pandemic showing positive results (NCT04708340)
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Boston Consulting Group delivers a multi-billion dollar market valuation based on validated research and verified assumptions
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Top New York SEC law firm retained to pursue IPO readiness and draft S-1
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More than 40 investment banks approached for underwriting support
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Phase 2 trial 75% completed, second Drug Safety Update Report (DSUR) is filed with FDA previewing positive efficacy in severe septic COVID patients
2020 to 2021
November 2021: SEC Begins Confidential Investigation
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SEC subpoenas issued under sealed docket
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No explanation of cause or allegations disclosed
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Reven voluntarily turns over 100+ GB of data, documents, contracts, and communications
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No wrongdoing identified or claimed during the investigative phase
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Reven pre-emptively stops raising capital not knowing the focus or further implications of the "confidential" investigation.
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January 2022, Reven stops clinical trials and operations to prevent incurring substantial additional accounts payable and hope of maintaining vendor relationships
SEC Attacks 11/21
December, 2022: SEC Files Ex Parte Temporary Restraining Order (TRO) and Asset Freeze
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Without advance notice or hearing, the SEC obtains a TRO and Asset Freeze while mischaracterizing Reven as a "biotech startup" despite operating nearly a quarter century prior
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TRO and Asset Freeze disclosed to Reven in January, 2023 with a week to file a response in Federal District Court
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All personal and corporate accounts were locked, and Reven crippled with a total freeze was tasked with retaining counsel and responding to the court
Reven is Frozen
February–June 2023: Reven Responds
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Reven files motions to lift or modify the TRO
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Independent forensic expert (Jon Ahern, Alvarez & Marsal) retained
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Concludes: No misuse of funds - Reven execs were owed more than the alleged misappropriation
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Reven submits extensive rebuttal filings on June 12
Reven Defends with Facts Presented by Third Party Forensic Accounting Expert
June–August 2023: SEC Opposes All Motions
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SEC files multiple briefs restating their position in their complaint used to secure the TRO
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SEC opposes key efforts and proposals by Reven execs to save Intellectual Property and patents
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Reven execs discover Lee Ann Frost and Leah Schaatt collaborated to establish a competing venture (Veterinary Nutraceuticals) along with former executive Jim Ervin appropriating Reven intellectual property in 2022 during the SEC investigation - asked Reven scientist to destroy evidence of communication and delete all information from Reven issued laptop
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Key SEC witnesses deposed: they admit they never relied on the documents cited in the complaint and further acknowledge their pursuit of Veterinary Nutraceuticals
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No evidence of intent, material misrepresentation, or investor harm shown
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Reven execs again plead with SEC for relief to save IP and patents
SEC Opposes Reven's Pleas for Relief and Ignores Warning of Impending Loss of Intellectual Property and Other Assets
Fall 2023: Patents Begin to Lapse
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With frozen assets, Reven cannot pay international patent maintenance fees
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Decades of intellectual property at risk — and many permanently lost
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Reven files supplemental motion highlighting irreparable harm from SEC freeze
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SEC opposes Reven's motion by stating that the loss of assets are "irrelevant" to the case
First Assets Lost October 2023
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The stated Mission of the SEC is "protecting the interests of investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation."
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Reven files additional motion pleading for relief on behalf of shareholders for protection of IP and patents
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March 29, 2024: Judge Domenico Grants Preliminary Injunction - despite dispute of facts, no hearing or appearance in court for arguments or explanation has been allowed
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Despite no charges and Ahern's forensic report, the Court grants the SEC's request to continue the freeze despite the passing of 15 months and actual dissipation of assets
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Judge Domenico's ruling acknowledges that the asset freeze may not have been in the best interest of the public good, and his order includes an invitation for Reven to file a specific motion to lift, modify or narrow the scope of the asset freeze by April 12, 2024
More Assets Lost
All Assets Lost - SEC to Blame
April–July 2024: Legal Battle Continues
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Reven files additional declarations and legal briefs (Volk Declaration, Motion to Modify, Appeal Notice)
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SEC files opposition again, but continues to fail to present evidence of fraud or intent and avoids the fact that a substantial portion of the assets of Reven are gone
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Reven Responds to SEC Opposition
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May 10, 2024 - Leah Schaatt and Lee Ann Frost (two discredited self serving SEC witnesses) file motion to the court to intervene and take over Reven and its remaining assets to the detriment of all of the other nearly 2,000 investors - Schaatt and Frost file additional motion to push Reven into receivership
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Judge Domenico denies "bad faith intervenors" motion for receivership and "modifies" asset freeze keeping all of the same restrictions as original — again, without charges filed and still with no in person hearing or opportunity to argue against the heavily disputed and disproven allegations
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March 29, 2024: Judge Domenico Grants Preliminary Injunction - despite dispute of facts, no hearing or appearance in court for arguments or explanation has been allowed
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Despite no charges and Ahern's forensic report, the Court grants the SEC's request to continue the freeze despite the passing of 15 months and actual dissipation of assets
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Judge Domenico's ruling acknowledges that the asset freeze may not have been in the best interest of the public good, and his order includes an invitation for Reven to file a specific motion to lift, modify or narrow the scope of the asset freeze by April 12, 2024
Reven Appeals the Ruling in the Tenth Circuit Court of Appeals and Files Motion to Lift Injunction
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Resulting Fallout
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RJX development stalled indefinitely
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Reven’s clinical trial sites dissolved
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Employees laid off, scientists terminated, contracts terminated
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$110 Million of shareholder supported R & D in billions of dollars of value in breakthrough pharmaceutical assets destroyed
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Dozens of patents abandoned due to 32 months under TRO and Asset Freeze
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RJX — a life-saving therapeutic — locked away in a regulatory vacuum
The Bottom Line - Complete Destruction
August 30, 2024
Reven retains Marzulla Law and sues the Federal Government in the US Court of Federal Claims for damages caused by the SEC's actions which constitute a "Regulatory Taking" - a violation of the Takings Clause of the Fifth Amendment of the Constitution. Reven seeks to recover losses for the benefit of it's 2,000 loyal shareholders and return to its mission of saving lives by bringing RJX to market..
***Click links above for information on Fifth Amendment and Takings Law and the Tucker Act
August 1, 2025
Reven and its executives remain under a full Asset Freeze and still have never had a hearing or in person appearance in Judge Domenico's court. No charges have been filed. No alleged guilt proven. No due process granted.
Reven also continues to await a decision from the Tenth Circuit Court of Appeals.
Voices
Hear what others are saying...
RJX wasn’t just another drug. It was the opposite of the profit-driven polypharmacy model, where symptoms are managed, diseases are not cured, and patients are kept on a carousel of prescriptions for life. RJX gave patients hope: “This drug saved my life." (Phil Jones, Shareholder)
"I invested in Reven for its science and stayed for its integrity. The SEC crushed our hope."
Bill Aurillio
Shareholder
"RJX eased my pain and helped my sons' Crohn's. It was a miracle."
Greg Merilatt
Shareholder
"Reven's team sacrificed everything for us. The SEC failed us all."
Sam Caldwell
Shareholder
"With $110 Million, the Reven team has accomplished more than what big pharma accomplishes with $1.5 Billion."
Johnny Ballen
Shareholder
Help Save Reven and RJX: What You Can Do Right Now
This is about potentially saving lives and stopping government overreach. This is about helping Reven fight the charges against it, restoring RJX, and seeking justice. Reven needs you.
Reven needs your voice: spreading the word of this injustice, tagging your representatives, following us on social media, amplifies our fight. Every letter, every post, every share, every effort to fight this injustice brings hope back to Reven, RJX, and its patients.
Join The Fight!
Share this campaign, Follow us on social media, Tag your reps!
