Calgary, Alberta--(Newsfile Corp. - June 29, 2023) - Resverlogix Corp. (TSX: RVX) ("Resverlogix" or the "Company") announces that certain of its 27,461,157 common share purchase warrants (the "Warrants") will be amended. Commencing on July 17, 2023, the exercise price of 24,508,489 Warrants (currently exercisable at prices ranging from $0.24 to $1.00 per share) will be reduced to $0.20 per share, and the expiry date of 10,713,505 of the Warrants that currently expire between April 26, 2024 and June 6, 2025 will be extended by one year. All other terms of all the Warrants will remain unchanged. 1,500,000 warrants held by insiders of the Company will not be amended; the warrants listed for trading that expired on June 7, 2023 were not eligible for amendment.
The Company has received approval of the extension and repricing 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.
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).
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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 related to the repricing and extension of the Company's warrants. 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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