TSX Exchange Symbol: RVX
CALGARY, April 28 /PRNewswire-FirstCall/ - Resverlogix Corp. (“Resverlogix” or “Company”) is pleased to provide a corporate update on activities as well as an interim progress report for Resverlogix’s lead drug, RVX-208. Currently Resverlogix is conducting a human Phase 1b/2a clinical trial for the assessment of RVX-208, a new class of drugs, for the treatment of atherosclerosis. The primary endpoints for this trial are safety and tolerability. To date, Resverlogix would also like to announce that RVX-208 has demonstrated that it is safe, tolerable and has favorable pharmacokinetics. The study is a double blinded placebo trial, thus an interim analysis will not be released until after the completion date of July 2009. As a result of the recently announced financing, completion of the third arm of the Phase 1b/2a trial has recommenced. Resverlogix is also pleased to announce that it will be adding a new assessment of a biomarker for Alzheimer’s disease to the third and final arm of this clinical trial.
“The unmet medical need of treating subjects with low levels of ApoA-I, “the HDL protein”, is huge. RVX-208 has received a great deal of recognition based on current data. In parallel with advancing the clinical program for RVX-208 we have also made distinct progress in delineating the unique mechanism of action by which RVX-208 increases ApoA-I production,” stated Donald J. McCaffrey, President and CEO of Resverlogix. “This data will in part be communicated by Dr. Norman Wong, MD and Chief Scientific Officer of Resverlogix at the upcoming American Heart Association (AHA) conference,” added McCaffrey.
Resverlogix is also pleased to announce that it will host a live teleconference on Thursday, April 30, 2009 at 10:00 am MDT. The purpose of the teleconference is to provide a year-end update on both the science and the business aspects of the Company. The dial-in numbers for this event are international 1-604-638-5340 and toll free 1-800-319-4610. A link for this webcast will be posted onto the homepage of Resverlogix’s website and can be accessed from the following address http://services.choruscall.com/links/resverlogix090430.html.
Quarterly Update Highlights
On April 15, 2009 Resverlogix announced the closing of a US $20 million financing which will allow the Company to continue its research and development activities in addition to its clinical operations. As part of this financing, terms for a second financing tranche were also negotiated for up to an additional US $15 million that can be optionally accepted at Resverlogix’s discretion.
“Resverlogix has accomplished several key milestones many of which have been achieved recently. Our novel ApoA-I/HDL technology has received international attention from esteemed leaders during the recent American College of Cardiology (ACC) Scientific Sessions. These advances in RVX’s technology accelerated progress in our current clinical trial and was summarized in a recent Wall Street Journal article,” stated McCaffrey.
At the most recent ACC conference held in Orlando Florida RVX-208 was the subject of two key plenary sessions. Dr. Steven Nissen, Chairman of the Department of Cardiovascular Medicine at the Cleveland Clinic presented Resverlogix data. In his keynote address Dr. Nissen spoke to an audience of over 1,500 key medical, research and industry stakeholders where he highlighted HDL and ApoA-I as valid drug research targets for the ongoing risk that still remains among the millions of low HDL patients worldwide. As one of several hopeful strategies to combat the unmet medical need in atherosclerosis, Dr. Nissen highlighted the promising early results of RVX-208 on important atherosclerosis markers such as HDL, ApoA-I and pre-beta HDL as well as introducing the drug’s novel mechanism of action. Several leaders in the field supported the notion of huge potential for ApoA-I to treat atherosclerosis and cardiovascular disease.
In a second keynote address during the same ACC conference Dr. Prediman K. Shah, Director of the Division of Cardiology and the Atherosclerosis Research Center at Cedars-Sinai Medical Center highlighted the advances of RVX-208 during his presentation titled “Novel strategies to increase HDL”. During his presentation, Dr. Shah reviewed the unique features of RVX-208’s novel mechanism of action and properties by which ApoA-I and functional HDL are increased.
Resverlogix continues to expand its scientific leadership through participation in key scientific conferences including presenting data on April 30, 2009 during the AHA Arteriosclerosis, Thrombosis and Vascular Biology Annual conference. On June 18, 2009 Resverlogix will be participating in a workshop that examines therapies which enhance reverse cholesterol transport during the XV International Symposium on Atherosclerosis hosted by the International Atherosclerosis Society.
Resverlogix granted 1,430,000 stock options to new employees, officers and directors and existing employees whose options expired during an extensive blackout period. During the past fiscal year 1,483,900 option grants expired, of which all director and officers expired options were priced below current market value. Given the expiry of these options, the new grant has a neutral effect on the capital structure of the company. The stock options plan provides for the issuance of up to a maximum of 10% of the issued and outstanding common shares. Subsequent to this option grant, the total options outstanding is equal to 6.9% of the issued and outstanding common shares and was 4.7% prior to the recent financing.
About RVX-208
RVX-208, a novel small molecule therapeutic that facilitates endogenous ApoA-I production, is positioned to be one of the most promising emerging drugs in the treatment of atherosclerosis. To the Company’s knowledge RVX-208 is the only novel small molecule that is specifically designed to increase ApoA-I production and thereby raise HDL levels thus enhancing HDL functionality to augment reverse cholesterol transport.
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) PR 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, Peripheral Artery Disease and other vascular disorders. Resverlogix Corp. trades on the Toronto Stock Exchange . 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.
CONTACT: Theresa Kennedy, VP, Corporate Communications, Resverlogix Corp.,
Phone: (604) 538-7072, Fax: (403) 256-8495, Email: Theresa@resverlogix.com;
Donald McCaffrey, President & CEO, Resverlogix Corp., Phone: (403)
254-9252, Fax: (403) 256-8495, Email: Don@resverlogix.com
