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Message: Resverlogix Announces Conversion of US$12 Million Debenture Strengthening Balance Sheet
CALGARY, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today that Vision Leader Limited, a wholly-owned subsidiary of ORI Star Fund LP (“ORI”), has delivered a notice of conversion to convert its entire September 2019 debenture and associated interest, into Resverlogix common shares, which will discharge all security interests associated with the debenture. The US$12 million (approximately CAD$15.8 million) principal amount of the debenture and accrued interest in the amount of approximately US$1.3 million (approximately CAD$1.7 million) will be converted into an aggregate of approximately 16.1 million common shares at a price of CAD$1.08 per share. The conversion is not subject to any conditions, other than approval of the Toronto Stock Exchange for the conversion of the accrued interest, and is expected to close imminently.
"We strongly believe this conversion illustrates ORI’s confidence in our corporate strategy and management team,” said Donald McCaffrey, President and CEO of Resverlogix. "We are thankful to ORI who continues to support us in our mission to generate significant shareholder value through the ongoing development of apabetalone. The conversion will remove the outstanding ORI debt and significantly strengthen our overall balance sheet.”
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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