CALGARY, Alberta, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announces that, further to its July 28, 2020 press release, it continues to rely on blanket exemptions issued by provincial securities commissions due to the COVID-19 outbreak that permit the Company to extend the filing deadline of its annual financial statements for the year ended April 30, 2020 and related management’s discussion and analysis (“MD&A”) for a period of up to 45 days.
The Company continues to rely on the exemptive relief to extend the date of filing of its annual financial statements for the year ended April 30, 2020, related MD&A and annual information form pursuant to National Instrument 51-102 (collectively, the "Annual Filings"). Resverlogix continues to expect that it will file the Annual Filings on or before September 11, 2020.
Consequently, the Company also announces that it anticipates a delay in the filing of its interim financial statements and related MD&A for the three months ended July 31, 2020. The Company does not expect to file its interim financial statements for the three months ended July 31, 2020 and related MD&A (collectively, the "Interim Filings") by the regular filing deadline of September 14, 2020. The Company’s personnel are working diligently to complete the Interim Filings but, due to the interruption to the Company’s financial reporting activities caused by the COVID-19 pandemic and the resulting delay in completing the Annual Filings, the Company currently expects to file the Interim Filings on or about October 5, 2020.
The Company is in the process of making an application to the Alberta Securities Commission, as its principal regulator, under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") requesting that a management cease trade order ("MCTO") be imposed in respect of the late filing of the Interim Filings. The issuance of a MCTO would not generally affect the ability of persons who are not officers or directors of the Company to trade in the Company’s securities. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors or other officers of the Company from trading in securities of the Company for so long as the Interim Filings are not filed. There is no guarantee that a MCTO will be granted.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of filing the Interim Filings.
Resverlogix also confirms there have been no undisclosed material business developments, since its most recent news release on July 28, 2020 regarding the status of its continuous disclosure filings, that have not been otherwise disclosed by Resverlogix by way of news release.
Resverlogix is developing apabetalone (RVX-208), a first-in-class, small molecule that is a selective BET (bromodomain and extra-terminal) inhibitor. Apabetalone is the first therapy of its kind to have been granted US FDA Breakthrough Therapy Designation – for a major cardiovascular indication – to help facilitate a time-efficient drug development program including planned clinical trials and plans for expediting the manufacturing development strategy.
BET 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.
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 related to the Company’s reliance on provincial securities regulator blanket exemptions, the anticipated timeline for filing continuous disclosure documents, the impact of the COVID-19 pandemic on the Company’s activities, the application for an MCTO, potential restrictions on trading the Company’s securities and the potential role of apabetalone in the treatment of 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. 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.