CALGARY, Alberta, July 31, 2018 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today that it intends to pursue a listing of its common shares in the United States. Accordingly, if necessary in order to comply with stock exchange minimum share price requirements and in connection with any future equity financing associated therewith, the Company intends to request shareholder approval for a consolidation of the Company’s common shares at an annual and special meeting of shareholders of the Company (the “Meeting”) to be held on September 12, 2018. If approved by shareholders, the Board will have the discretion to proceed with the share consolidation for a period of 12 months following the Meeting. The Company’s common shares and warrants would continue to be listed on the Toronto Stock Exchange.
Resverlogix has engaged Rothschild & Co. as its financial advisor to evaluate a potential U.S. listing.
Listing will be subject to the Company satisfying all applicable stock exchange and U.S. securities law requirements. As in such cases, there is no assurance that the Company will be able to do so.
Further information regarding the Meeting and the share consolidation will be available in a notice of meeting and management information circular to be filed and mailed to all shareholders of the Company in advance of the Meeting.
“We are initiating preparation for a U.S. listing in light of several anticipated developments in the Company. We anticipate the completion of the BETonMACE trial around the end of 2018 and, soon after, the announcement of the results of our primary endpoint of the reduction of major adverse cardiac events (MACE) in patients with diabetes and other prespecified endpoints such as renal and cognitive function. We have commenced the preparation process for a U.S. listing so that we are properly positioned to execute a U.S. listing, subject to market conditions,” stated Donald McCaffrey, President and CEO of 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 a BET inhibitor selective for the second bromodomain (BD2) within the BET proteins. 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, diabetes mellitus, 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 currently being studied in a Phase 3 trial, BETonMACE, in high-risk CVD patients with type 2 DM and low levels of high-density lipoprotein (HDL). In BETonMACE approximately 11% of the participants have chronic kidney disease.
Resverlogix common shares trade on the Toronto Stock Exchange (TSX:RVX).
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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 the Company’s intention to pursue a listing of its common shares on a U.S. exchange, the proposed share consolidation, the BETonMACE study, 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.