Calgary, Alberta--(Newsfile Corp. - March 20, 2023) - Resverlogix Corp. (TSX: RVX) ("Resverlogix" or the "Company") announced today that it has closed a one-year extension of Company's US$6.0 million secured convertible debenture with Shenzhen Hepalink Pharmaceutical Group Co., Ltd. ("Hepalink"), and payment of accrued interest thereon, extending the maturity date to May 13, 2024. In connection with the extension, the interest rate was amended from 10% to 12% per annum, commencing on May 14, 2023.
"We are pleased that Hepalink has extended the debenture's maturity date by an additional year, illustrating their continued support of our partnership," stated Donald McCaffrey, President & CEO of Resverlogix. "The steadfast commitment of our partners allows us to focus on our mutual goal of advancing apabetalone's clinical development, for the benefit of chronic disease patients. Over the past several months we have been working diligently with Hepalink in order to prepare for their involvement in our upcoming BETonMACE2 trial which has FDA Breakthrough Therapy Designation."
Founded in 2001, Resverlogix is a Calgary-based, late-stage, biotechnology company and the world leader in epigenetics, with the goal of developing first-in-class therapies for the benefit of patients with chronic disease.
Our new class of epigenetic therapies are designed to regulate the expression of disease-causing genes. We aim to improve patients' lives by restoring biological functions - altered by serious illnesses such as cardiovascular disease - back to a healthier state.
The Company's clinical program is focused on evaluating our lead candidate apabetalone for the treatment of cardiovascular disease and associated comorbidities, and post COVID-19 conditions.
Resverlogix has partnered with EVERSANA™, the pioneer of next generation commercial services to the global life sciences industry, to support the rapid commercialization of apabetalone for cardiovascular disease, post COVID-19 conditions, and pulmonary arterial hypertension in Canada and the United States.
Resverlogix common shares trade on the Toronto Stock Exchange (TSX: RVX).
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 related to the Company's upcoming BETonMACE2 trial and the potential role of apabetalone in the treatment of patients with, COVID-19, post COVID-19 conditions, cardiovascular disease and associated comorbidities and other chronic 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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