CALGARY, June 3, 2013 /CNW/ - Zenith Epigenetics Corp. ("Zenith")
commenced operations today as an early stage research company. Zenith
was formed as a result of a plan of arrangement (the "Arrangement")
involving Resverlogix Corp. ("Resverlogix"), RVX Therapeutics Inc.
("Therapeutics") and Zenith pursuant to which Resverlogix spun-out
Therapeutics to Zenith. Shareholders of Resverlogix now own one new
common share of Resverlogix and one common share of Zenith for each
common share of Resverlogix held immediately prior to the Arrangement
becoming effective.
Pursuant to the Arrangement, Resverlogix retained its research and
development activities related to the development of compounds for
applications with indications involving a therapeutic increase in
Apolipoprotein A-1 (ApoA-I), including the clinical program related to
RVX-208, a first in class small molecule for the treatment of
atherosclerosis and Resverlogix completed the spin-off of all other
research and development activities related to its epigenetic platform
technology to Zenith. Pursuant to the Arrangement, Zenith was also
issued royalty preferred shares in the capital of Resverlogix which
will provide Zenith with a dividend equal to six to twelve percent of
"Net Apo Revenue" as described in the Information Circular of
Resverlogix dated April 29, 2013. As part of the Arrangement,
Resverlogix also transferred to Zenith all of the indebtedness of
Therapeutics owing to Resverlogix as well as $10 million in cash to
provide for the initial capitalization of Zenith.
Management and Directors
The management team of Zenith will be led by the management team of
Resverlogix, including Donald McCaffrey as President and Chief
Executive Officer, Brad Cann as Chief Financial Officer, Kenneth
Lebioda as Senior VP Business & Corporate Development, Dr. Norman Wong,
as Chief Scientific Officer and Chairman of the Scientific Advisory
Board, Dr. Jan Johansson, as Senior VP Medical Affairs, Dr. Gregory
Wagner, as Senior VP Research and Development and Dr. Allan Gordon, as
Senior VP Clinical Development.
The board of directors of Zenith consists of Dr. Peter Johann, Donald
McCaffrey, Kenneth Zuerblis, Dr. Eldon Smith, Kelly McNeill and Arthur
J. Higgins.
About Zenith
Zenith Epigenetics Corp. is a research and development biotechnology
company focused on new and innovative drugs by leveraging its
proprietary epigenetics platform. The company's epigenetic drug
discovery platform functions by inhibiting BET bromodomains, having the
potential to impact multiple diseases including autoimmune and
oncology.
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 relating to the potential
dividends payable to Zenith as the holder of royalty preferred shares.
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 which are described in the information circular of Resverlogix
dated April 29, 2013. The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement and
are made as of the date hereof. We disclaim any intention and have 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.
For further information, please contact:
Company Contacts:
Donald J. McCaffrey
President and CEO
Zenith Epigenetics Corp.
Phone: 403-254-9252
Email: don@resverlogix.com
Sarah Zapotichny
Director of Investor Relations
Resverlogix Corp.
Phone: 403-254-9252
Email: sarah@resverlogix.com
SOURCE: Resverlogix Corp.
