BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Zenith Epigenetics Corp. Commences Operations


6/4/2013 9:01:45 AM

Staying up-to-date has never been simpler. Sign up for the free GenePool newsletter today!

CALGARY, June 3, 2013 /PRNewswire/ - Zenith Epigenetics Corp. ("Zenith") commenced operations today as an early stage research company. Zenith was formed as a result of a plan of arrangement (the "Arrangement") involving Resverlogix Corp. ("Resverlogix"), RVX Therapeutics Inc. ("Therapeutics") and Zenith pursuant to which Resverlogix spun-out Therapeutics to 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 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 and Resverlogix 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 twelve 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.

Management and Directors

The management team of Zenith will be led by the management team of Resverlogix, including Donald McCaffrey as President and Chief Executive Officer, Brad Cann as Chief Financial Officer, Kenneth Lebioda as Senior VP Business & Corporate Development, Dr. Norman Wong, as Chief Scientific Officer and Chairman of the Scientific Advisory Board, Dr. Jan Johansson, as Senior VP Medical Affairs, Dr. Gregory Wagner, as Senior VP Research and Development and Dr. Allan Gordon, as Senior VP Clinical Development.

The board of directors of Zenith consists of Dr. Peter Johann, Donald McCaffrey, Kenneth Zuerblis, Dr. Eldon Smith, Kelly McNeill and Arthur J. Higgins.

About Zenith

Zenith Epigenetics Corp. is a research and development biotechnology company focused on new and innovative drugs by leveraging its proprietary epigenetics platform. The company's epigenetic drug discovery platform functions by inhibiting BET bromodomains, having the potential to impact multiple diseases including autoimmune and oncology.

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 relating to the potential dividends payable to Zenith as the holder of royalty preferred shares. 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 which are described in the information circular of Resverlogix dated April 29, 2013. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. We disclaim any intention and have 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.

For further information, please contact:

Company Contacts:

Donald J. McCaffrey
President and CEO
Zenith Epigenetics Corp.
Phone: 403-254-9252
Email: don@resverlogix.com

Sarah Zapotichny
Director of Investor Relations
Resverlogix Corp.
Phone: 403-254-9252
Email: sarah@resverlogix.com

SOURCE Resverlogix Corp.



Help employers find you! Check out all the jobs and post your resume.


Read at BioSpace.com

 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES