CALGARY, Sept. 5, 2017 /CNW/ - Resverlogix Corp.
("Resverlogix" or the "Company") (TSX:RVX) announced today that it
has closed the previously announced extension of the Company's
loan. The maturity date of the $68.8
million loan has been extended to December 26, 2017 on the terms and conditions
that were announced on August 28,
2017.
The Company also announced a private placement of
3,000,000 equity units at a price of $1.50 per unit, whereby each unit will be
comprised of one common share and one-half common share purchase
warrant. Each warrant will be exercisable at a price of
$1.50 per share for a period of 4
years from the closing of the offering. The units will be subject
to a four-month hold period. The Company has accepted subscriptions
for the full amount of the offering and closing is scheduled to
occur on or about September 7, 2017,
subject only to receipt of all necessary regulatory and stock
exchange approvals. The private placement is unrelated to the
potential strategic transaction recently announced by the
Company.
The net proceeds of the offering will be used to fund research
and development activities, including but not limited to, clinical
trial activities related to the Phase 3 BETonMACE trial, general
and administrative expenses, working capital needs and other
general corporate purposes.
About Resverlogix
Resverlogix is developing apabetalone (RVX-208), a
first-in-class, small molecule that is a selective BET (bromodomain
and extra-terminal) inhibitor. BET bromodomain inhibition is an
epigenetic mechanism that can regulate disease-causing genes.
Apabetalone is the first and only BET inhibitor selective for the
second bromodomain (BD2) within the BET protein called BRD4. This
selective inhibition of apabetalone on BD2 produces a specific set
of biological effects with potentially important benefits for
patients with high-risk cardiovascular disease (CVD), diabetes
mellitus (DM), chronic kidney disease, end-stage renal disease
treated with hemodialysis, neurodegenerative disease, Fabry
disease, peripheral artery disease and other orphan diseases, while
maintaining a well described safety profile. Apabetalone is the
only selective BET bromodomain inhibitor in human clinical trials.
Apabetalone is currently being studied in a Phase 3 trial,
BETonMACE, in high-risk CVD patients with type 2 DM and low
high-density lipoprotein (HDL), and is expected to be initiated in
a Phase 2a kidney dialysis trial designed to evaluate biomarker
changes and safety parameters in up to 30 patients with end-stage
renal disease treated with hemodialysis.
Resverlogix common shares trade on the Toronto Stock Exchange
(TSX:RVX).
Follow us on Twitter: @Resverlogix_RVX
(https://twitter.com/resverlogix_rvx), or on our blog at
http://www.resverlogix.com/blog
For further information please contact:
Investor Relations
Email: ir@resverlogix.com
Phone: 403-254-9252
Or visit our website: www.resverlogix.com
This news release may contain certain forward-looking
information as defined under applicable Canadian securities
legislation, that are not based on historical fact, including
without limitation statements containing the words "believes",
"anticipates", "plans", "intends", "will", "should", "expects",
"continue", "estimate", "forecasts" and other similar expressions.
In particular, this news release includes forward looking
information relating to a private placement of equity units
and the use of proceeds therefrom, and the potential role
of apabetalone in the treatment of CVD, DM, chronic kidney disease,
end-stage renal disease treated with hemodialysis,
neurodegenerative disease, Fabry disease, peripheral artery disease
and other orphan diseases. Our actual results, events or
developments could be materially different from those expressed or
implied by these forward-looking statements. We can give no
assurance that any of the events or expectations will occur or be
realized. By their nature, forward-looking statements are subject
to numerous assumptions and risk factors including those discussed
in our Annual Information Form and most recent MD&A which are
incorporated herein by reference and are available through SEDAR at
www.sedar.com. The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement
and are made as of the date hereof. The Company disclaims any
intention and has no obligation or responsibility, except as
required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Resverlogix Corp.