CALGARY, Alberta, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Resverlogix Corp. (“Resverlogix” or the "Company") (RVX.TO) announces a warrant exercise incentive program (“Incentive Program”) designed to encourage the early exercise of 15,593,428 warrants to purchase common shares of the Company. The Incentive Program does not apply to warrants held by insiders of the Company. None of the warrants subject to the Incentive Program are listed for trading.
Pursuant to the Incentive Program, 15,593,428 common share purchase warrants, exercisable at prices ranging from $1.40 to $4.00 per share and expiring between April 12, 2020 and December 31, 2023 (the “Warrants”), will be amended to permit the exercise of the Warrants at a price of $1.33 per share commencing Tuesday, December 10, 2019 and ending at the close of business on Friday, January 10, 2020 (the “Early Exercise Expiry Date”). Following the Early Exercise Expiry Date, unexercised Warrants will remain outstanding and continue to be exercisable for common shares of the Company on their original terms.
The Company has received approval of the Incentive Program from the TSX, subject to satisfaction of customary conditions. The net proceeds from the exercise of Warrants will be used for research and development activities, general and administrative expenses, working capital needs and general corporate purposes.
Resverlogix is developing apabetalone (RVX-208), a first-in-class, small molecule that is a selective BET (bromodomain and extra-terminal) inhibitor. 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 (RVX.TO).
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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 warrant exercise incentive program and the use of proceeds therefrom and the potential role of apabetalone in the treatment of 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. 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 including those discussed in our Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has 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.