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Message: Resverlogix Secures One-Year Extension of Maturity Date of Debenture
CALGARY, Alberta, July 22, 2020 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today that it has closed a one-year extension of the maturity date of its debenture. Mr. Donald McCaffrey, President and CEO stated, "We are very pleased that the debenture has been extended for one year, providing us with greater flexibility to create value for our shareholders through both our FDA approved BETonMACE2 final planning and our ongoing partnering discussions.”
The maturity date of the Company’s US$12 million 10% secured convertible debenture (the “Debenture”), and payment of accrued interest thereon, has been extended by one year from September 26, 2020 to September 26, 2021. In connection with the extension, the holder, a wholly-owned subsidiary of ORI Star Fund LP, received 600,000 warrants exercisable until December 31, 2024 at a price of CAD$0.74 per share.
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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