Resverlogix Eliminates Sixty Percent of Remaining Debt

    Restructure allows new scientific and business development flexibility

    TSX Exchange Symbol: RVX

    CALGARY, Oct. 15 /CNW/ - Resverlogix Corp. ("Resverlogix") (TSX:RVX)
announced today that it has redeemed USD$10 million or approximately 60% of
its remaining USD$17.3 million debenture.
    Donald McCaffrey, President and CEO of Resverlogix stated, "The economic
environment remains very volatile and challenging for companies around the
globe. This action limits our dilution on set terms that protect shareholders
value and it enhances our flexibility to proceed with our ongoing scientific
and business development plans. The US $10 million redemption will consist of
2.4 million common shares with a value of US $5.5 million and US $4.5 million
cash. Under the terms of the amendment, the conversion price has been amended
to a five day volume weighted average price of $3.07 less 15% in exchange for
debenture holders agreeing to restrict any put options until March 31, 2009.
Along with the removal of future certain dilution factors the Company has also
gained the option to buy out any remaining debenture at a 25% premium."

    
    The following are key terms of the restructured convertible debenture:
    -  In addition to the March 31, 2009 restriction on the put option, the
       ability to put to the Company in common shares has been waived by the
       debt holders.
    -  The remaining principal balance of $278,000 carrying a 15% interest
       rate from the January 2007 convertible debenture has been reduced to
       12% and rolled into the remaining convertible debt instrument.
    -  Mandatory conversion of the entire debt at the Company's option at
       $5.22, subject to certain trading conditions being met.
    -  The 1,467,349 outstanding warrants have been repriced to $3.07.
    

    To assist shareholders with understanding the salient and beneficial
points to this amendment Resverlogix will post key facts to SEDAR.
    Rodman & Renshaw, LLC served as an advisor to the company.
    The transactions are subject to TSX approval.

    About Resverlogix Corp.

    Resverlogix Corp. is a leading biotechnology company engaged in the
development of novel therapies for important global medical markets with
significant unmet needs. The NexVas(TM) program is the Company's primary focus
which is to develop novel small molecules that enhance ApoA-I. These vital
therapies address the grievous burden of atherosclerosis and other important
diseases such as acute coronary syndrome, diabetes, Alzheimer's disease and
other vascular disorders. The Company's secondary focus is TGF-Beta
Shield(TM), a program that aims to address burgeoning grievous diseases, such
as cancer and fibrosis. Resverlogix Corp. trades on the Toronto Stock Exchange
(TSX:RVX). For further information please visit www.resverlogix.com.

    This news release may contain certain forward-looking statements that
reflect the current views and/or expectations of Resverlogix Corp. with
respect to its performance, business and future events. Such statements are
subject to a number of risks, uncertainties and assumptions. Actual results
and events may vary significantly. The TSX Exchange does not accept
responsibility for the adequacy or accuracy of this news release.

    %SEDAR: 00019253E

For further information:

For further information: Theresa Kennedy, VP, Corporate Communications,
Resverlogix Corp., Phone: (604) 538-7072, Fax: (403) 256-8495, Email:
Theresa@resverlogix.com; Kelly McNeill, Chief Financial Officer, Resverlogix
Corp., Phone: (403) 254-9252, Fax: (403) 256-8495, Email:
Kelly@resverlogix.com; Website: www.resverlogix.com