Resverlogix Closes $13.5 Million Private Placement
November 02 2018 - 4:05PM
Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX)
announced today it has closed a private placement of approximately
4.5 million equity units at a price of $3.00 per unit for gross
proceeds of approximately $13.5 million (US$10.3 million). Each
unit was comprised of one common share and one-half (1/2) of a
common share purchase warrant. Each full warrant is exercisable at
a price of $3.10 per share for a period of three years from the
closing of the private placement. The units are subject to a
four-month hold period.
The net proceeds of the private placement will
be used to fund research and development activities, including but
not limited to, clinical trial activities related to the Company’s
Phase 3 BETonMACE trial, general and administrative expenses,
repayment of debt, working capital needs and other general
corporate purposes.
About Resverlogix
Resverlogix is developing apabetalone (RVX-208),
a first-in-class, small molecule that is a selective BET
(bromodomain and extra-terminal) inhibitor. BET bromodomain
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).
Follow us on Twitter: @Resverlogix_RVX
For further information please contact:
Investor Relations Email: ir@resverlogix.com Phone:
403-254-9252Or visit our website: www.resverlogix.com
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 use of proceeds of the private
placement, and the potential role of apabetalone in the treatment
of CVD, DM, chronic kidney disease, end-stage renal disease treated
with hemodialysis, Alzheimer's disease, Fabry disease, and 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.
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