CALGARY, June 3, 2013 /CNW/ - Resverlogix Corp. ("Resverlogix") (TSX:
RVX) today announced the successful completion of its previously
announced Plan of Arrangement under the Business Corporations Act (Alberta) (the "Arrangement") pursuant to which Resverlogix spun-out
RVX Therapeutics Inc. ("Therapeutics") to Zenith Epigenetics Corp.
(formerly 1741273 Alberta Ltd.) ("Zenith"). Shareholders of
Resverlogix now own one new common share of Resverlogix and one common
share of Zenith for each common share of Resverlogix held immediately
prior to the Arrangement becoming effective.
Pursuant to the Arrangement, Resverlogix has retained its research and
development activities related to the development of compounds for
applications with indications involving a therapeutic increase in
Apolipoprotein A-1 (ApoA-I), including the clinical program related to
RVX-208, a first in class small molecule for the treatment of
atherosclerosis. Resverlogix has completed the spin-off of all other
research and development activities related to its epigenetic platform
technology to Zenith. Pursuant to the Arrangement, Zenith was also
issued royalty preferred shares in the capital of Resverlogix which
will provide Zenith with a dividend equal to six to 12 percent of "Net
Apo Revenue" as described in the Information Circular of Resverlogix
dated April 29, 2013. As part of the Arrangement, Resverlogix also
transferred to Zenith all of the indebtedness of Therapeutics owing to
Resverlogix as well as $10 million in cash to provide for the initial
capitalization of Zenith.
With the completion of the Arrangement, the common shares of Resverlogix
will continue to trade on the Toronto Stock Exchange under the symbol
Resverlogix Corp. (TSX:RVX) is a clinical stage cardiovascular company
developing compounds involving a therapeutic increase in Apolipoprotein
A-1 (ApoA-I). Resverlogix's RVX-208 is a first-in-class small molecule
for the treatment of atherosclerosis and other chronic diseases such as
diabetes mellitus and Alzheimer's disease. RVX-208 is the first BET
bromodomain inhibitor in clinical trials. Resverlogix's common shares
trade on the Toronto Stock Exchange (TSX: RVX). For further information
please visit www.resverlogix.com. We can be followed on our blog at http://www.resverlogix.com/blog.
Donald J. McCaffrey
President and CEO
Director of Investor Relations
SOURCE: Resverlogix Corp.